Everything you need to know about Financial Donations and Tax Deductions!

A donation is a present offered by individuals, commonly for charitable purposes and/or to benefit a cause. A donation may take different forms, including cash offering, services, brand-new or used goods consisting of apparel, toys, or food. One also might donate during an emergency situation to help with relief, or with humanitarian aid, where problems can be solved to help save people.

Donations are amazing opportunities to not only help people or causes, but they can also be deducted on your taxes!   You can use donations to reduce your taxable income, but you need to make sure that you itemize your deductions to be able to claim them using Form 1040, Schedule A, including Nonprofit Religious Group, Nonprofit educational groups, and Nonprofit charitable groups, most commonly referred to as 501 organizations.

When you do give to these organizations, you will be giving a money donation.  You can use cash, check, credit card or debit card, or wire transfers.  However if cannot accept a gift in return if you wish to write off all of your donation.

For more information on charitable deductions visit: https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions