#GivingTuesday is a global day of giving fueled by the power of social media and collaboration.
The following is a summary of a full article at Charity Navigator:
A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions.
If the gifts are deductible, the actual cost of the donation is reduced by your tax savings.
The following is a summary of a full article at Charity Navigator:
A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions.
If the gifts are deductible, the actual cost of the donation is reduced by your tax savings.
- A contribution to a qualified charity is deductible in the year in which it is paid.
- Most, but not all, charitable organizations qualify for a charitable contribution deduction.
- You can deduct contributions only if they are made to or for the use of a qualified recipient.
- An organization could lose its charity status if it devotes a substantial part of its activities to formulating propaganda or otherwise trying to influence legislation.
- There are limits to how much you can deduct, but they're very high.
- Rules exist for non-cash donations.
- Remember to document.
- Organizations to Which You Can Give and Deduct Your Donation:
- Churches and other religious organizations;
- Tax exempt educational organizations;
- Tax exempt hospitals and certain medical research organizations;
- A government unit, such as a state or a political subdivision of a state;
- Publicly supported organizations such as a community chest;
- Certain private foundations that distribute all contributions they receive to public charities within two-and-a-half months after the end of the foundation's fiscal year;
- A private operating foundation which pools all of its donations in a common fund;
- Certain membership organizations that rely on the general public for more than a third of their contributions.
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