Post on 22-Aug-2014
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How to Make the Most of Your Charitable Giving.
Itemizing RequiredYou can give thousands of dollars, but if you claim the standard deduction amount on your tax return, your charitable gifts will do you no tax good. You must itemize expenses on Schedule A to deduct charitable donations.The good thing about donations is that, in most cases, there is no limit on how much you can deduct.
To donate money If you want to donate money, never pay with cash, For tax purpose and safety reasons.
To donate money you can choose check or use credit or debit card.
To donate propertyIf you are donating a property like vehicle, building to a charity. consider tax deduction rules are changed in response to past a abuse of the system. Now, if you donate real property with claimed value of over $500, your deduction depends on what the charity does with it.
To donate goodsThe next thing to donate to a charity is goods including cloths, furniture, other household items.
Before packing them, determine their fair market value for receive the appropriate tax reduction.
The important thing is keep the details of your donation for tax purpose.
Timing Is EverythingDonations must be made by the end of the tax year for which you want to claim the deduction. If you put a check dated Dec. 31 in the mail by that day, you're OK. So are donations charged by year's end to your credit card, even if you don't pay the card's bill until the next year.