Tis the season for giving! Not only does donating money or property to charities feel good; you can also write off your charitable donations as a valuable tax deduction. But before you write those checks, there are a few things you should know about IRS rules. Give to qualified charities. Aaron Dobson A charity must be qualified by the IRS if you want to claim your donation as a charitable deduction on your taxes. Check this list to make sure your chosen charity qualifies. You may also claim donations that you give to a church, synagogue, mosque, temple, or government agency. Keep your proof. You must provide either a receipt, a copy of the canceled check, or a bank statement showing the name of the charity, date of the donation, and amount. If you give via payroll deductions, hang onto your pay stubs or Form W-2 from your employer. Alabama T-Shirts If your tax return is ever audited and you cannot provide proof of charitable donations, you won’t be allowed to use them as a deduction. Princeton Tigers Household goods are counted at their actual value. Nike Air Lebron 13 Ep If you donate household goods, you can only claim their value as used items – not the price you originally paid for them! Keep your receipts to show proof of your donations. If you want to donate items worth 500 dollars or more, it’s a good idea to provide a copy of a qualified appraisal. Nike Roshe Run Dames
If you receive something in return for your donation, you can only count the difference between your donation and that item’s value. Let’s say you purchase a cruise ship vacation at a charity auction. nike air max 90 pas cher The actual value of the trip is 3,500 dollars, and you pay 4,500 dollars for it. Contrary to popular belief, you can’t claim the entire 4,500 dollar “donation”. You can only claim 1,000 dollars, because you have received 3,500 dollars’ worth of value from your gift. You must make donations before the end of 2015, if you want to use them as deductions on your 2015 taxes. If you want to increase the amount of your charitable donation deduction, you must do so by December 31. mu legend zen Air Jordan 13 Donations charged to your credit card will count toward this requirement, even if you don’t pay the bill until January (or later). Max out your charitable donations deduction. Air Jordan 3 Retro
The exact percentage of your charitable donations that will count as a deduction will depend upon your gross income. parajumpers gobi nike running goedkoop To encourage giving, the IRS increases this percentage for those in the higher tax brackets. adidas store Working with a qualified tax accountant or financial advisor is the best way to determine your maximum deduction.