Get the free Food Drive Donation Tax Receipt - The Gift Of A Helping Hand bb - tgoahhctbuildingan...
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Cathy P. Russell, Executive Director 17148 Waltham, Detroit, MI 48205 Website: www.tgogepcf.org Email: though hotmail.com 2010 Through 2012 Gift Of Giving Food Drive Donation Tax Receipt 2010 through
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How to fill out food drive donation tax
How to fill out food drive donation tax:
01
Gather all necessary documentation such as receipts or acknowledgment letters for the donations made during the food drive.
02
Determine the value of the donated food items. This can be done by referencing the fair market value of similar food items or consulting a qualified tax professional.
03
Use Schedule A (Form 1040) to itemize your deductions. You'll need to report the total amount of cash donations made during the food drive on line 1 of Schedule A.
04
Report the value of the donated food items on line 17 of Schedule A, under the section titled "Gifts to Charity."
05
Keep accurate records and documentation of your food drive activities in case of an audit.
Who needs food drive donation tax:
01
Individuals who organized or participated in a food drive and made donations of cash or food items.
02
Nonprofit organizations or charities that received donations through a food drive may also need to report the donations for tax purposes.
03
Anyone who wants to claim a tax deduction for their food drive donations will need to follow the necessary guidelines and fill out the appropriate tax forms.
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