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Charitable Contributions – Tax Guide

Charitable Contributions
Every charitable act is a stepping stone towards heaven – Henry Ward Beecher

Basic Rules:
Your tax benefit will be determined based upon your tax rate

You must itemize deductions to receive any tax benefits – therefore your total itemized deductions must exceed the standard deduction

  • Donations can be cash or non-cash.
  • Donations must be to the government or a qualified charitable organization.
  • You only receive a deduction for the amount that exceeds the benefit you received – thus Girl Scout cookies do not qualify.
  • Donations of services you perform (i.e. you construct something for a charity) are not deductible.
  • Deductions are usually limited to 50% of income; however, any excess deductions can be carried forward to be deducted in future years

IRS Circular 230 Notice: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.