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There are many charitable donations that could affect your tax obligations for 2014. Many charitable donations may qualify as tax deductions which will potentially lower your overall taxable income. However, you must donate to a qualified institution. You cannot just give money away to another person or organization of your choice. Typically, qualified institutions are one of […]
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If you plan on making a donation and taking a charitable deduction, there are a few things to keep in mind. Below is a list of some of the IRS’s tips for charitable giving: Property donations. Household items (clothing, furniture, electronics, etc.) must be in good condition or better. Money donations. The donor must have […]
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Donations to charity can provide taxpayers with very valuable tax benefits in the form of charitable deductions on their tax returns. Charitable deductions may lower the taxable income that is reported on a taxpayer’s return, thus lowering the taxpayer’s overall tax liability for the year. For 2014, it is not too late to donate to […]
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