Lori Ioannou

speaker

179 appearances 3 recordings 1 series first heard Mar 2022 last heard Feb 2025

Lori Ioannou’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Want to Avoid a Tax Audit by the IRS? Watch These Red Flags. · 11 Mar 2022 podcast

If you're working on your laptop in the family room, it's just not going to qualify.

Correct.

For charitable donations to be deductible, the recipients must be qualifying organizations such as religious organizations and nonprofits.

So individuals have to be careful of who they're donating to.

If the deductions are high compared with your annual income,

They will be reviewed and perhaps audited by the IRS.

Deductions for cash donations to charitable organizations typically cannot exceed 60% of a certain calculation of your adjusted gross income.

The limit was expanded to 100% for cash donations in 2021 due to the pandemic.

But remember what the big red flags are, what the IRS is looking for.

They're looking for a lack of receipts.

They're looking to see if you have inflated values for non-cash donations.

If you make non-cash donations, it's very important that you get appraisals.

And it's very important that you provide documentation for qualified charitable contributions from your IRA if you're taking them out to make these donations to charity.

First off, the IRS initiates most contacts through regular mail.

There are certain special circumstances where they might call you or come to your home and business, but those are the exception to the rule.

So beware if you get a suspicious phone call from someone who's asking for your personal information because the IRS will never request personal information by phone.

Neither will they ever communicate to you by social media channels.

Thank you so much.

It was great talking to you.

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