Category Archives: charitable giving

Ensuring Charitable Contributions are made to Qualifying Organizations

Tax Act

The Internal Revenue Service (IRS) grants organization eligibility in receiving donations and giving them a tax-deductible status.  Qualified organizations meet requirements upon obtaining the status that allows taxpayers to claim charitable deductions.  You may ask the organization about their status in which they should be able to provide you with details.  There is also a listed publication (IRS Publication 78) available through the IRS that lists qualifying organizations.

The most common way in determining if the organization is qualified is to review organization types.  There are 5 general types of organizations that will have an assigned status such as … Read more at 2008 Taxes.

Don’t File Your Taxes Yet If You Gave to Chile

Tax Act

Don’t File Your Taxes Yet If You Gave to Chile

With the recent Chile Earthquake on the minds of millions of Americans, the US House of Representatives is looking to add a Chile donation special tax deduction similar to the one in place for Haiti relief efforts. If the measure is approved, charitable donations sent to help Chile victims of the earthquake will be deductable on taxpayer’s 2009 tax returns although the donations are actually being made in 2010. Donations would need to be made before April 15th, the tax filing deadline.

The US House of Representative bill was … Read more at 2008 Taxes.

Ten Tips To Deducting Charitable Gifts

Ten Tips To Deducting Charitable Gifts

The IRS has released ten tips to help you deduct charitable gifts this tax season. When completing your Schedule A for your federal tax refund, don’t forget to take your charitable contributions as they can add up to a good sized tax deduction. Here are the rules to make sure you get the deduction:

1. Contributions must be made to qualified organizations.

2. You cannot deduct time or services, only money and gifts can be deducted.

3. Any merchandise received in exchange for a gift must reduce the value of your gift for … Read more at 2008 Taxes.

The Smart Way to Give

If you are philanthropic by nature, and have a financially comfortable retirement, you may be wondering the best way to donate to your favorite charity. If you are at least 70-1/2 you have a special opportunity in 2008 and 2009. If you transfer your funds from an IRA directly to the charity, they will not be included in your taxable income, as they would if you took an IRA distribution and paid it over to the charity.

You may be wondering why this matters, as the charitable payment is tax-deductible. However, many deductions depend on your adjusted gross income … Read more at 2008 Taxes.