Thursday, August 22, 2013

Make A Taxfree Donation

All donations are tax-free, meaning you do not have to pay any special taxes when you donate to a charity. Instead, you can receive a tax deduction. This means that the amount of your donation can be applied against your required taxes, reducing the amount you owe the government. If you make a donation of $100 to a charity, you can then take a $100 charitable tax deduction on your tax return. It's simple to make a tax-free donation.


Instructions


1. Consider the items you would like to donate to charity. There are charities that accept virtually any type of donation, from automobiles and houses to clothing and household items.


2. Assess the condition of the items you wish to donate. All items should be in reasonably good condition.


3. Confirm the charity is a qualified religious group or registered 501(c)(3) organization. If you do not donate to a qualified charity, you will not be able to claim your donation as a tax deduction.


4. Give a monetary donation to the charity of your choice. All charities are happy to accept monetary donations in addition to physical item donations.


5. Get a receipt from the charity. The receipt should include the charity's name, its tax ID number and your full name. It should also list the date of your donation, its value and a brief description of the items donated. You'll need the receipt in order to claim the deduction on your tax return.







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