Did you know that your charitable donations can be deducted from your taxes each year?
Here is what you need to know about charitable tax deductions:
- You must make sure that your donation is going to a qualified charitable organization. You will want to confirm this before you ever write a check. Most schools, churches, nonprofit organizations, and veterans groups will qualify. To that end, the Love Fund for Children is a qualified organization.
- When you file your taxes, you will itemize your deductions on Schedule A of your 1040.
- Should you receive merchandise, such as tickets, other goods, or services, then you will need to deduct these from your total contribution.
- If your donation to a single group exceeds $5000, you will need to fill out Section B of Form 8283.
- Remember, you can only deduct a maximum of 50% of your adjusted gross income in any given year. However, you can carry any extenuating balance forward for up to five additional years.
To learn more about charitable donations and how we use your donations to improve the lives of children in our community, give us a call at 816-932-9170.