Final answer:
The important tax document necessary to obtain before giving away donated products is the receipt or acknowledgement letter from the charitable organization. It serves as evidence for tax deductions and ensures compliance with IRS regulations.
Step-by-step explanation:
The important tax document that is necessary to obtain before giving away donated product is the receipt or acknowledgement letter from the charitable organization. When you donate products to a charitable organization, you are eligible for a tax deduction. In order to claim this deduction, you need proof of your donation in the form of a receipt or acknowledgement letter.
This document should include important information such as the name of the organization, date of donation, detailed description of the donated items, and a statement affirming that no goods or services were provided in exchange for the donation.
Having this document is crucial as it serves as evidence for your tax deduction and ensures compliance with IRS regulations.