Tax Tips for Charitable Taxpayers
If you regularly make donations to charity, or plan to make a charitable donation this year, you may be able to take a deduction on your tax return. The Internal Revenue Service has compiled nine tips that you should keep in mind when contributing to charity:
In order to be deductible, charitable contributions must be made to qualified organizations. An online version of IRS Publication 78, which provides a list of organizations eligible to receive tax-deductible charitable contributions, is available at www.irs.gov/charities under the "Search for Charities" tab.
Charitable contributions are deductible only if you itemize deductions using Form 1040, Schedule A.
Generally, you can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Special rules apply to several types of donated property, including clothing or household items, cars and boats.
Charities