Back to INCOME TAX BLOG List

IRS Is Getting Less Charitable

Don’t lose your shirt when you give it away, writes Tom Herman in his Tax Report column. Many people who have donated used clothing, books, furniture and other household items to charity each year failed to get proper documentation for their gifts — and thus could lose all or part of their deduction if challenged by [...]

Source: http://blogs.wsj.com/tax
 

Some tax deductions are aimed at individuals; many are directed to businesses. The complicated maze of tax deductions that Congress has instituted over the past 70 years has contributed to the view that the tax code in the United States needs to be completely redone in a simpler fashion.