Payroll Deduction Contributions

With the Pension Protection Act of 2006 changing the record keeping requirements for charitable contributions, many taxpayers are wondering how to deduct contributions taken directly out of their paycheck without losing their tax credits. The Internal Revenue Service addressed this issue by announcing that "the taxpayer should retain a pay stub, Form W-2, or other document furnished by the employer that shows the total amount withheld for payment to charity, along with the pledge card that shows the name of the charity." For more details visit the article on their IRS’s website by clicking here.