Ways that charitable giving can save you money at tax time
Taxes: Charitable Giving
Each year as Dec. 31 draws near, Americans are bombarded by requests for donations. Many answer those solicitations, happily giving to their favorite charities. This year-end generosity also might pay off at tax time, as long as you know and follow the Internal Revenue Service's rules on tax deductions for donations.Cash in on Uncommon Charitable Tax Deductions
If you think your tax deduction for charitable contributions ends when you write a check to your church or drop off that box of clothing at the Salvation Army, think again. You may be cheating yourself. The Internal Revenue Service allows several different ways to take tax advantage of your good will.Gifts to Charity Pay Off for Everyone
When preparing your federal tax return, don't forget to count your gifts to charity. Your giving attitude can do more than make you feel good for helping others. When tax filing time arrives, your gifts also might help you lower your tax bill since they may be deductible donations.Donating a Vehicle to Charity
Have a car you'd like to donate to charity? How the charity uses the vehicle you donate affects your deduction. Here is what you need to know.Tax Valuation Guide for Donated Goods
As you clean out your closet or reorganize your household, be sure to keep track of the items you give to charity. It's your job, not the charity's, to report the value of the donation to the Internal Revenue Service.
Trending on TDS
- Do you spend to deal with stress?
- How to live like a millionaire Video
- 5 financial strategies from King Solomon
- Combining loans before a mortgage application
- Should you sell to American Pickers?
- The benefits of volunteering
- 5 steps to negotiating a better and smarter deal
- How to grow savings fast
- 3 money beliefs that hurt your finances
- A cheat sheet on tipping do's and don'ts
- 7 times you can save money by spending money
- 3 tips to get -- and maintain -- the best deals on your cable and cellphone bills
- Money-saving secrets of the rich and frugal