2017 Tax Reform

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Effective for all charitable contributions given on or after January 1, 1994 over $250.00, you must obtain a receipt from the donee organization. The receipt must state the following: A description (including amounts) of the contribution. If the charity gave you any benefit (goods or services) in exchange for the contribution. If so, include the value of any benefit you received. [...]

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Over the years, a number of clients have asked how long they should retain their tax records. Here are some guidelines you can use: Keep your tax returns indefinitely. There may be some information on these returns that could be needed in the future, i.e. the basis of your home, dividends declared, partnership losses claimed, etc. Old returns are very valuable sources of information. [...]

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