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December 28, 2016

12 Tips To Make Your Charitable Donation Tax-Deductable

taxes-benefit-jpg-300-wide-compressorA tax deduction for charitable giving isn’t guaranteed just because you’re feeling generous. As with everything in tax law, it’s important to follow the rules. Here are 12 tips for making your charitable donation count:

1. Itemize. In order to claim a charitable deduction on your tax return, you must itemize your deductions. You report itemized deductions on Schedule A on your federal form 1040 using lines 16-19:

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2. Choose carefully when making a donation. Only donations to qualified charitable organizations are deductible. If you’re not sure whether an organization is qualified, ask to see the organization’s determination letter from the Internal Revenue Service (IRS): many organizations will actually post their letters on their website. If that isn’t possible, you can search online using the IRS Exempt Organizations Select Check tool. Donors also can confirm an organization’s status by calling the IRS (toll-free) at 1.877.829.5500. Keep in mind that churches, synagogues, temples, and mosques are considered de facto charitable organizations and are eligible to receive deductible donations even if they’re not on the list (some exceptions apply so be sure and ask if you’re not sure).

3. Remember that donations to individuals will not qualify for a tax deduction. You cannot deduct contributions to specific individuals no matter how deserving. This includes handouts to the homeless and collections at the office or in your neighborhood for those experiencing tough times (including pooled funds for folks who are ill or have experienced a tragedy such as an accident or fire). If the deduction is important to you, consider working with an established organization like the Red Cross which provides disaster or other relief. See again #2.

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Source: forbes.com | Re-Post Fight For Life Foundation 12/28/2016