Documentation Guidance for Donors

1. Importance of Documentation

Welcome to MYAFA Inc.’s Documentation Guidance page! Here, you will find important information on the documentation required for tax-deductible donations, ensuring that you can claim your contributions with ease.

Proper documentation is essential for claiming tax deductions on your donations. The IRS requires specific records depending on the type and amount of your contribution. Below are the guidelines to help you navigate this process.

2. Cash Donations

Acknowledgment Requirement: For all cash donations, regardless of the amount, you will need a written acknowledgment from MYAFA Inc. to claim a tax deduction.

What to Expect: You will receive a formal acknowledgment letter detailing the donation amount and date, along with a statement confirming the tax-deductibility of your contribution. All donations to MYAFA Inc. are tax-deductible.

3. Non-Cash Donations

General Guidelines: For non-cash donations, regardless of the amount, MYAFA Inc. will review the details of the donation, including any equivalent cash value provided by the donor. Once the donation is assessed, an acknowledgment letter will be issued, including:

• A description of the items donated
• The equivalent cash value provided by the donor
• The date of donation

Appraisal Requirement: If your non-cash donation is valued over $5,000, you are required to obtain a qualified appraisal to substantiate the value of the donation.

What to Expect from MYAFA Inc.:

• We will verify the equivalent cash value provided by the donor and ensure it aligns with fair market valuation standards.
• A detailed acknowledgment letter will be issued, confirming the description of the donated items and their value for tax purposes.

Acceptable Documentation:

• Itemized list of donated goods
• Date of donation
• Condition of the items
• How the value was determined

4. Examples of Non-Cash Donations

Common types of non-cash donations include:

• Equipment (e.g., computers, medical supplies)
• Clothing and household goods
• Food items
• Professional services (e.g., consultations)

Valuation Tips: To determine the fair market value of your non-cash donations:

• Check online marketplaces for comparable items.
• Consult with experts or appraisers in specific fields.

5. Contribution Limits

• Cash Contributions: Generally, you can deduct cash donations up to 60% of your adjusted gross income (AGI).
• Non-Cash Contributions: The limit may differ for non-cash donations, with some capped at 30% of AGI.

For detailed information on contribution limits, please refer to IRS resources or consult a tax advisor.

6. Filing Tax Returns

When filing your taxes:

• Form 1040: Donors must itemize their deductions on Schedule A.
• Form 8283: If you are claiming non-cash contributions over $500, this form must be completed and attached to your tax return.

7. Frequently Asked Questions

What if I haven’t received my acknowledgment yet? If you haven’t received your acknowledgment within two weeks, please contact us at info@myafainc.com.

How do I know the value of my non-cash donation? Refer to our valuation tips above or consult with an appraiser for accurate assessments.

Can I donate items that have been used? Yes, we accept gently used items, but please assess their condition and value accordingly.

8. Contact Us

If you have further questions regarding documentation or need assistance, please reach out to us at:

• Email: info@myafainc.com
• Phone: (301) 807-1058

Thank you for your support and for considering a donation to MYAFA Inc. Together, we can make a difference in our community!