The KBOO Foundation, the parent organization which exists solely to operate KBOO the radio station, is a tax-exempt, non-profit organization registered with the Internal Revenue Service. Our tax ID number is 23-7232987. Donors to KBOO may claim charitable deductions for those donations on their federal taxes, if you follow the appropriate steps partially described below.
For individuals, only taxpayers who itemize deductions on Form 1040, Schedule A can claim deductions for charitable contributions. If you choose the standard deduction or file the short form, you may not claim these charitable contributions.
Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of the year count for 2011. This is true even if you don't pay that credit card bill until the next year. Donations made by checks must have been mailed by December 31, 2011 to count for your 2011 taxes. (skip to IRS links)
To deduct any charitable donation of money, regardless of amount, 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. KBOO has just mailed statements showing 2011 contributions. If you need one, but haven't received it by early-mid February, 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:
The above is general information offered solely as a convenience, and is not intended to be professional legal or tax advice. You should consult a professional tax preparer if you have questions about your specific circumstance.