8 Steps To Foolproof Charitable Tax Deductions

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It’s a win-win situation – you cut your tax bill, and a charity gets the money they need to help people in your community. The Federal Tax Code changes yearly, but the IRS continues to allow you to write off contributions to charity…as long as you make them to an IRS approved organization, and you itemize your deductions when you file. Here are 8 important tips to be sure your donation is deductible, whether you donate money or tangible property like an automobile, truck, boat or even a golf cart.

1: Make sure you see the 501 (c)(3). If you don’t want the IRS to disallow your deduction, make sure you make your contribution to a qualified charity. The safest bet is to make your donation to a 501 ( c )(3) organization. It has to be a charitable organization – you can’t deduct contributions to individuals, political organizations or people running for office. If you want more information about finding the right organization to give a tax deductible contribution to, go to the IRS website and download Publication 526.

2: If you want to deduct, you have to itemize. It’s that simple. You have to file Form 1040 and...

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