Tax benefits of Giving

Most often your donations to charity will be eligible for tax deductions. Here are some helpful tips to remember when dealing with tax deductions.

In order to receive a tax deduction, the charity you have donated to must be a qualified recipient. Click here to view a list of approved organizations.

Limits to what you can deduct exist, but they are high. You should only be concerned about these limits if you donate more than 20 percent of your income. In this case, you will receive a smaller deduction.

When deducting donated property, such as used clothes, deductions will be based on the fair market value of these items. Donations of this nature must be in good condition.

Remember to document your donations and make sure the charity gives you a receipt.

When donating ordinary income property, you can receive a deduction if the donation is directly related to the charity’s mission.

 Always seek professional advice concerning tax or financial matters

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