Ways that charitable giving can save you money at tax time
Taxes: Charitable Giving
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 IRS allows several different ways to take tax advantage of your goodwill.Get a Tax Deduction for 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.
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.
Get your biggest tax refund. Start free at TurboTaxTax 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.
More Money Tips & Tools
- 5 low-risk ways to earn higher interest now
- 10 easy ways to save money for the holidays
- 7 IRA withdrawals that don't trigger a penalty
- 4 secrets to maximize your credit card rewards
- How to know when to use your emergency fund
- Using a checklist to make positive change in your finances
- Avoiding loan payment pain
- This week's Readers' Tips