Ten Tips To Deducting Charitable Gifts
The IRS has released ten tips to help you deduct charitable gifts this tax season. When completing your Schedule A for your federal tax refund, don’t forget to take your charitable contributions as they can add up to a good sized tax deduction. Here are the rules to make sure you get the deduction:
1. Contributions must be made to qualified organizations.
2. You cannot deduct time or services, only money and gifts can be deducted.
3. Any merchandise received in exchange for a gift must reduce the value of your gift for the … Read more at 2008 Taxes.
If you are philanthropic by nature, and have a financially comfortable retirement, you may be wondering the best way to donate to your favorite charity. If you are at least 70-1/2 you have a special opportunity in 2008 and 2009. If you transfer your funds from an IRA directly to the charity, they will not be included in your taxable income, as they would if you took an IRA distribution and paid it over to the charity.
You may be wondering why this matters, as the charitable payment is tax-deductible. However, many deductions depend on your adjusted gross income … Read more at 2008 Taxes.
