End-of-year donations can reduce your tax bill—but only if done right! Learn how to maximize deductions, avoid scams, and plan smarter giving. #CharitableGiving #TaxPlanning #NonProfitSupport #FinancialFreedom #TaxDeductions
Key Notes
- Only donations to IRS-approved charities are deductible.
- Keep detailed records and receipts for all donations.
- Non-cash contributions over $500 require Form 8283.
- Monetary donations must be supported by bank records or a written acknowledgment.
- Qualified Charitable Distributions (QCDs) from IRAs can reduce taxable income.
- Donor-Advised Funds offer flexibility and immediate tax deductions.
- Be cautious of fraudulent charities, especially during disaster relief efforts.
Links
Tax Exempt Organization Search | Internal Revenue Service
Publication 526 (2023), Charitable Contributions | Internal Revenue Service
Report phishing | Internal Revenue Service
Offer
Consult a CPA to guide you in maximizing the tax benefits of your charitable contributions, especially for high-value donations or complex giving strategies
