Tuesday, December 29, 2015

Being Smart With Your Charitable Donations

Donations to charitable organizations can be a great way to both lower your tax liability and support causes you care about. When making your donation, keep in mind the IRS has specific requirements in order for your charitable contribution to be tax deductible. To deduct a donation you will need to itemize your deductions, donate to a qualified organization, and keep records.

First and foremost, for any charitable contribution you make to be deductible, you must itemize your tax deductions. If you claim the standard deduction, you will not be able to deduct any donations. For 2015 the standard deduction is
from It's Taxing - Bond Beebe

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