• Home
  • About You
  • About Us
    • Our Services
    • Our People
  • Our Clients
  • Jobs
  • Resources
  • Blog
  • Contact
Accountability Services
Tel: 206.522.0110

The ins and outs of charitable contributions

3/19/2015

 
Charitable donations are a great way to help others and lower your tax bill.  That said, the IRS has rules that must be followed to claim a tax deduction for your generosity.  You must make your donation to a qualified organization and not to an individual.  You must itemize your donated items on Schedule A and provide written receipts when required.

You CANNOT deduct the value of your wages for the hours spent helping out at your favorite nonprofit.  Neither can you deduct the value of a project you created, such as a poster that you, as a graphic artist, designed for the charity. But you CAN deduct other costs associated with your charity work.

When you drive your car for charity, remember to deduct 14 cents per mile, plus parking and tolls.  If you paid for child care while you were volunteering, this may be deductible.  You also may claim a deduction for your out-of-pocket expenses.  For example, ingredients for those cakes you prepare for a nonprofit organization's bake sale and stamps you buy for a school's fund-raising mailing count as charitable contributions.

To claim a charitable contribution deduction for gifts of $250 or more in cash or property, you must get a written acknowledgment from the charity.  For donations of property, the acknowledgment must include, among other things, a description of the items contributed.

Comments are closed.

    Accountability Services

    Welcome to The Bottom Line, an online newsletter from Accountability Services. As clients, friends and colleagues, we are excited to share with you financial updates, tips, company news, and opportunities in each issue of The Bottom Line. 

    Archives

    October 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    May 2018
    January 2018
    December 2017
    November 2017
    October 2017
    July 2017
    June 2017
    January 2017
    December 2016
    November 2016
    October 2016
    July 2016
    June 2016
    May 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    September 2011
    March 2011
    September 2010
    August 2010
    December 2009
    September 2009
    May 2009
    February 2009
    January 2009
    September 2008
    May 2008
    March 2008

    RSS Feed

© 2000-2019 Accountability Services PLLC  Privacy Policy
Website by Pretty Smart Design