3 Ways You Can Earn Tax Deductions at a Charity Event

Posted on July 16th, 2014 by

The Love Fund for Children grew from an idea that became a mission. Each and every year, our staff, volunteers, and, most importantly, our donors make a difference in our community that can’t be underestimated.

3 Ways You Can Earn Tax Deductions at a Charity Event

Source: MorgueFile.

We are proud to say that our charity events in greater Kansas City have made the community stronger, healthier, and more educated than ever.

While the primary goal of any donation is to assist those in need, it should be noted that there are a number of tax deductions which can be claimed by donating to Love Fund for Children as we embark on our 30th year of serving the community.

Donors can claim tax deductions resulting from any of the following actions:

  • Donations of physical goods to be used in a charity auction. When you donate physical property to be auctioned, you can claim the fair market value.
  • Purchasing tickets to attend a charity event.
  • Placing the winning bid during a charity auction.
  • Donation of cash or other monetary gifts.

Please remember that if your donation is greater than $250, you must provide either a bank record or written acknowledgement. Naturally, we will be happy to provide you with such proof of your donation to be submitted with your tax documentation.

Finally, you should be sure to speak with your accountant regarding the pertinent IRS rules and procedures resulting from your yearly donation. This is especially important if your annual donations exceed $5000.

The Love Fund for Children hosts a number of charity events in greater Kansas City throughout the year. We invite you to contact us by calling 816-932-9170 to learn how you can contribute. We guarantee you that your donations will make a difference in the lives of children who will forever be grateful for your support.

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