Between rising prices from inflation and natural disasters over the summer, the need for donations is bigger than ever. We are all doing the best we can to support our communities. There are tax deductions available for charitable donations that you make but beware, not ALL contributions are deductible.
- Use the IRS Tax Exempt Organization Search tool to find or verify qualified charities. Donations to these real charities may be tax deductible.
- Research a charity before sending a donation to confirm that the charity is real and to know whether the donation is tax deductible.
- Always get a receipt and keep a record of the donation.
- Review bank and credit card statements closely to make sure donation amounts are accurate.
Deductible donations to approved charities can be in the form of cash or goods. If you need help determining your deduction, please reach out to me.
Loaning or giving money or goods to friends or family or neighbors is kind and generous but not tax deductible.
And beware of scammers! Legitimate charities do not ask for gift cards, cash, or wire transfers. Thieves may pose as a representative of a legitimate charity to ask for money or private information from you.