Get Ready for Taxes: Donations May Cut Tax Bills - PowerPoint PPT Presentation

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Get Ready for Taxes: Donations May Cut Tax Bills

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Good Records – The kind of records a taxpayer must keep vary according to the amount and type of donation. To claim a deduction, be sure to research and secure the proper receipt needed to substantiate your gift. For More Details Visit at – PowerPoint PPT presentation

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Title: Get Ready for Taxes: Donations May Cut Tax Bills


1
Get Ready for Taxes Donations May Cut Tax Bills
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IRS reminds taxpayers looking to maximize their
tax savings before the end of the year to
consider charitable giving. Giving money or goods
to a tax-exempt charity before Dec. 31 can
usually be deducted from that years federal
income tax return. Taxpayers are urged to
consider the following before donating
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3
  • Only Donations to Eligible Organizations are
    Tax-Deductible
  • IRS Select Check on IRS.gov is a searchable
    online tool that lists most eligible charitable
    organizations. Religious organizations and
    government agencies are eligible to receive
    deductible donations, even if they are not
    listed.
  •  
  • Itemize to Claim Charitable Donations
  • Charitable deductions are not available to
    individuals who choose the standard deduction.
    Only taxpayers who itemize using Form 1040
    Schedule A can claim deductions for charitable
    contributions.
  •  

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  • Get Proof of Monetary Donations
  • A bank record or a written statement from the
    charity is needed to prove the amount and date of
    any donation of money.
  •  
  • Donating Property
  • For donations of clothing and other household
    items, the deduction amount is normally limited
    to the items fair market value. Clothing and
    household items must be in good condition to be
    deductible.

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5
  • Note Any Benefit in Return
  • Donors who get something in return for their
    donation may have to reduce their deduction.
    Benefits can include merchandise, meals, tickets
    to an event or other goods and services.
  •  
  • Older IRA Owners Have a Different Way to Give
  • IRA owners age 70½ or older can transfer up to
    100,000 per annum to a qualified charity
    tax-free. The transfer can count as their
    required minimum distribution for the year.

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6
  • Good Records
  • The kind of records a taxpayer must keep vary
    according to the amount and type of donation. To
    claim a deduction, be sure to research and secure
    the proper receipt needed to substantiate your
    gift.

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7
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