Tax Facts for Summertime Charitable Giving

Tax Deductions and Credits

Everyone is still enjoying their summer and a large portion of the country will not only be spending money on themselves, but also be finding ways to give to others this summer.

Giving to qualified charitable organizations helps people in need as well as helping you during tax time.

This article will hopefully encourage you to think of different ways to give this summer as well as help you ensure that your donations earn you the benefit of a tax deduction.

Charitable Giving

Making donations and giving to charity takes on many different forms.

Giving to children’s camps that offer free fun and care for children throughout the summer is a great way to help others.

These camps depend on fundraising and donations to stay open and help parents care for their kids while they’re out of school.

Not every household can afford air conditioning when the summer heats up.  Another way to help those in need this summer is to do a quick search online and you’ll probably find a Fan Drive close to your community.

Donating a fan will not only help families stay cool this summer, but it can help saves lives as well.

Or maybe spring cleaning started late at your house and you’re just now getting around to it.

Instead of throwing out your stuff, why not donate your car, gently used clothes, furniture, or other household items to an organization that will find a new home for it or sell it to raise money for those in need.

It Pays to Double Check

As with any expenditure, it’s important to always know where your money is going.

When it comes to charitable giving this summer, take a moment before you make your donation and research the organization to which you plan to give.

Ask around, read about the charitable organization online, call their office and ask for their official information.

If the organization is legit, they should be happy to help. All tax-exempt information is public record.

To receive a legitimate tax deduction from the IRS, you must be absolutely sure that you are giving to a qualified organization that received official tax-exempt status.

If you want a tax deduction based on your charitable giving, then the organization you are giving to must have all of their non-profit paperwork on file with the IRS.

Keeping Track with TurboTax ItsDeductible

Gone are the days of stuffing your receipts into a shoebox.

Although keeping financial records will always be a part of paying taxes, with TurboTax ItsDeductible, you can easily value and track your summertime donations without having to remember in which closet you stored your paperwork.

Make your donation entries into ItsDeductible in real time as you give to charities this summer, and you can easily import all of your giving information into TurboTax. It’s that simple.

No matter how you plan on spending your money this summer, you can turn your charitable giving into big tax deductions and stay prepared for next year’s tax season.

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