I just couldn’t allow April tax-filing time to go by without mentioning that donations are tax-deductible. And like good ol’ Benjamin Franklin said, the only things certain in this world are death and taxes, that’s just the way it is, so why not make the most of it?Disclaimer: I am not the winner of the Best Tax Blog of 2015 – that honor went to the Philadelphia Estate and Tax Attorney Blog – nor am I a financial advisor. However, I do know a thing or two about donations and Foundation funds!
So, here are 4 tips to help you decide if you qualify for a charitable-giving deduction:
- Itemize your deductions. If you take the standard deduction, your generosity will not result in tax savings. Find more information.
- Give only to IRS registered non-profit organizations. (Community Medical Foundation is an IRS determined 501(c)(3) organization).
- Did you get anything in return for your donation? If so, anything over the fair market value (actual price) is considered tax-deductible. For example, if a ticket to a charitable event is $100, but the actual price of what you received was $45, you could claim the $55 difference as a charitable tax deduction.
- Purchases of lottery tickets, raffle tickets or anything with the possibility of winning something in return are no longer allowable deductions as stated by the IRS.
Thank you again to all those who support Community, bless your hearts, you’ve truly made an impact through your giving. It’s amazing what is accomplished by your good-will and hard earned dollars!
You would be amazed at the ways giving transforms lives every day, but that’s another blog…
Susanna Shaffer
Foundation Database Manager
Learn more how YOU can become a donor by calling 559.459.2670 or visit https://communitymedical.org/foundation
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