‘Tis the season not only to receive gifts, but to give them as well. If you’re interested in donating to charity as part of your holiday celebration, there are ways you can maximize your tax benefit while also doing something good for the world around you. For a start, it’s important to know what organizations the IRS considers to be charities. These include:
- Churches, synagogues, and other religious establishments
- Nonprofit schools and hospitals
- Organizations operated for charitable purposes, such as the Red Cross, Goodwill, and the United Way
- War veterans’ organizations
- Nonprofit public parks and recreation facilities
- And more!
Donating money, goods, or services to these organizations can be a tax write-off—as long as you keep records of your donation. In most cases, a receipt from the organization that details your contribution will suffice. Then, during tax season, you’ll be able to tally the total of your charitable donations and back up your claims, should the IRS have any questions.
In and around Milwaukee, Taxation Solutions, Inc. is your best choice for all sorts of tax help. If you have any questions about how charitable donations impact your annual tax return, or if you’re facing an IRS audit and need help proving that your deductions are legitimate, we’ve got you covered. Contact us via phone or e-mail today to learn more!