Taxes, Contributions and Deductions

KBOO Radio is registered with the Internal Revenue Service as a tax-exempt, non-profit organization (EIN 23-7232987).  As a result, you may deduct donations to KBOO from your taxes, provided you follow the procedures below.

For individuals, only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions. This deduction is not available to people who choose the standard deduction, including anyone who files a short form.
 
Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of the year count for 2008. This is true even if the credit card bill isn’t paid until next year. Also, checks count for 2008 as long as they are mailed by midnight 12/31/08.
 
You must have either a written communication from the charity showing the name of the charity and the date and amount of the contribution, or a bank record, to deduct any charitable donation of money, regardless of amount.  KBOO will mail statements showing 2008 contributions by the end of January.  If you need one, but haven't received it by February 10th, please contact our Membership Department.
 
Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, and the transaction posting date.

Donations of money include those made in cash or by check, electronic funds transfer, credit card, and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity.

These requirements for monetary donations do not change or alter the long-standing requirement that a taxpayer obtain an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. However, one statement containing all of the required information may meet the requirements of both provisions.

For additional information on charitable giving: 

Charities and Non-Profits

Charitable Contributions

Can I Deduct My Charitable Contributions?

 

 

 

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