Good feeling + new tax saving for being charitable this year.

by Maria Szobi

Wondering how to end this year on a good note? The IRS may have an idea for you!

You can get up to a $300 deduction on your tax return if you donate to a qualified public charity by the year end.

Pretty sweet, right? Now, what is the catch? No catch. Regardless of your filing status, you can deduct your charitable donations from your taxable income (such as wages, interest, etc.). This is true even if you do not itemize your deductions.

Check out the qualified charitable organizations here.

Still having questions, please reach out!                                                                                   

Fine print:

If you donate over $300 by the year end, the excess will not be carried forward to future years. Contributions must be made in cash, however non-cash contributions are still allowed as part of your itemized deductions. For any cash contribution above $250 the taxpayer must keep a “contemporaneous written acknowledgement “of the donation.