Tax Benefits of Giving

Source: Charity Navigator | Repost Fight for Life Foundation 12/5/2023 –

While we believe at Charity Navigator that your primary motivation to donate to charity should be altruism, we also think you should know that great tax benefits exist for those who give. Here are some of the rules and benefits you should know about.

Itemize deductions

A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. You must itemize in order to take a charitable deduction. Make sure that if you itemize, your total deductions are greater than the standard deduction. If they’re not, stick with the standard deduction.

(In 2020 and 2021, tax law did allow for individuals taking the standard deduction to add an additional $300 charitable deduction. As of June 1st, 2022, the IRS has not extended this change.)

A contribution is deductible in the year in which it is paid

Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.

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