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Advantages of Donating to Charity |
Donating to charitable causes is not only morally correct; it is also a good financial investment, because one can claim tax deduction on their charitable donations.
If one is donating to charitable causes, then it is wise to inform the tax agencies about their donations. They can then avail to charitable tax deductions which are legitimately due to them. Also, contributions to charitable organizations can come up to a good deduction from tax, provided they are properly itemized in the IRS Form, 1040, Schedule A.
However, if you are planning to donate for earning tax deductions, then there are some points to be borne in mind. Only donations made to organizations recognized by tax agencies are eligible for tax deductions. Refer to publication 78 brought out by the IRS, this lists all such organizations. This list is available online and also in several public libraries.
Donations made to individuals, political leaders and other political organizations are not eligible for tax deductions. Also, one cannot claim tax deductions by claiming to spend time playing or arranging any game of chance like bingo or raffles.
Tax deductions are not restricted only to cash donations. One is eligible for tax deductions even if they donate any tangible items like merchandise, goods or services. However, one can claim deductions on only the fair market value of these goods. As an example, consider the donation by gifting stocks of your company. In this case the value of the stocks will be calculated as the average of the highest and the lowest traded price on the date of valuation.
Donating cars are also a method of earning some sizable amount of tax deductions. The value of the car will be calculated as the resale value of the car at that time. Donation is not limited to cars; you can also donate planes and boats if you have a budget enough for that. However, if the cost of the plane or the boat is more than $500, and the charitable institution sells the plane or boat, then the taxpayer is limited to the gross proceeds from the sale.
The tax benefit for sale of any household goods will be calculated from their value at a garage sale or flea shop. Any charitable contributions above $250 need a proper receipt so that it qualifies for a tax deduction.
Contributions made only during that particular year of taxation are eligible for any tax deductions. Even if you have used a credit card or check for the donation, it doesn’t matter when the transaction shows up in your account. The tax deduction is calculated for the year in which the transaction has been made.
Hence, donating to charity is not just an asset to your generosity; it is something the taxmen love too. | | Author Info: Jeff Lakie is writer for the foreclosure website, a new trend called mortgage default has been stirring up quite a commotion. Visit us today to find out why. |
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