Charitable Contributions: Deductible or Not?
Giving Back is Always in Season
The holidays are a great time to give back, and possibly even receive a tax deduction for your generosity. But do you know what qualifies and what doesn’t?
To qualify for a deduction the contribution must meet the following:
– The contribution must be to a qualified organization (i.e. churches, veteran organizations, certain nonprofits, etc.)
Generally Go Fund Me and contributions to individuals do not qualify.
Generally you may deduct up to 50% of your adjusted gross income, but 20% and 30% limitations do apply.
The most important thing to keep in mind when making your charitable contributions this season is to keep your documentation!