You may enjoy donating to charity because you want to help certain organizations do good in the world. But there’s a definite perk to charitable donations beyond knowing that your money is going toward a good cause. Are you taking full advantage of the tax deductions available to you?
Any goods or funds donated to the following qualifying organizations can be deducted from your tax return:
- Nonprofit religious, educational, scientific, or literary groups
- War veterans’ organizations
- Governmental bodies
- Fraternal societies and lodges
- Organizations devoted to benefiting those in need, such as Goodwill and The Salvation Army
- And more!
By keeping track of the amount of money or the value of the goods you’ve given, you can know how much to deduct when tax time rolls around. You may also be able to deduct expenses related to volunteering, such as travel costs.
Price Advantage Accounting will be happy to answer any questions you have about charitable donation deductions. We want you to be able to make the most of each tax return. If you’re an Orlando-area taxpayer with questions about qualified deductions, call or e-mail us today!