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Benefits to You of Giving to Charity

12/5/2016

1 Comment

 
#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. 
  • 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.
Read Complete Article From Charity Navigator Here
1 Comment
Angela Waterford link
8/21/2019 06:50:53 pm

Wow, I didn't know that donating to a non-profit organization could help me get deductibles for my taxes. I've always been pro-poor, so I might look for anti-poverty organizations to donate to. It's tough to be in that situation since I was there once, so I'll do my best to give whenever I can.

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