As the holiday season approaches, the spirit of cheer and charity permeates the chilled air, reminding us of the importance of helping the less fortunate. When the solicitations for donations begin rolling in, remember that the generous population is not alone in there efforts to give back, as the IRS allows taxpayers to deduct charitable donations that are made to qualified organizations. Use the following tips to ensure that our government is successful in its efforts to pay it forward:
1. Itemized Deduction: First of all, you cannot make a qualified charitable deduction unless you itemize your deductions. Thus, you cannot receive these deductions when using the standard deduction.
2. Determine whether your donation is qualified for a deduction: To receive a deduction for your donation, it must be made to a “qualified organization.” The “Exempt Organizations Select Check” is an online tool provided by…
View original post 255 more words