Thinking about giving this #GivingTuesday?
If you’re thinking in participating in #GivingTuesday, keep in mind that certain charitable contributions are deductible if you itemize on your 2016 tax return. IRS Select Check on IRS.gov is a searchable online tool that lists most eligible charitable organizations. Donations to religious organizations and government agencies are eligible to be deductible donations even if they are not listed in this database. In some states, Idaho for example, there is also a special deduction for contributions made to state educational entities or youth rehabilitation services. Property donations (items like clothing, household items, and other like items) are normally limited to the item’s fair market value or the value at which the thrift store can sell it. If any benefit is received in result of the donation (merchandise, meals, tickets or services), donors may have to reduce the value of their charitable contribution. Bank records (canceled checks, bank statements, etc.) or a written statement from the organization is needed to prove the amount of any donation made so be sure to keep track of these items. For more details on Charitable Contributions and possible tax deductions, visit the IRS website.