Even small cash donations aren’t exempt from strict record keeping rules, according to the IRS’s final regulations. For charitable monetary gifts of any size you cannot claim a deduction unless you have a cancelled check, a bank record, a credit card statement or a written receipt or email from the charity with its name, date and amount of the gift. Pay stubs or W-2’s work for payroll deduction donations. You still need an written acknowledgement from the donee for one time gifts of $250 or more.
From the IRS “IRS tells taxpayers who got a big refund to do a “paycheck checkup.”” There is a Withholding Calculator on the IRS website that can be used or contact your accountant.
Have you had a review of your tax standings at this point in the year to make sure the is enough being withheld? This is always a good idea part way thru the year but with all the tax changes this year it is a better idea to check this out now and not find out something bad in February/March when you file your returns. Give us a call for an appointment.