Daily Archives November 24, 2017

Charitable Contributions

Giving Tuesday is November 28th.  If you donate to a charity and want to deduct the contribution, certain criteria must be met. The donation must given to a qualified tax exempt charity and not to individuals, political organizations, or political candidates.  The IRS Exempt Organizations Select Check Tool can be used to see if a charity is tax exempt. If a contribution is deducted, you must file Form 1040 and itemize your deductions on Schedule A of your tax return. If you receive something in return for your donation, you can only deduct the amount of the donation that’s more than the fair market
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