What Can I Deduct?
The IRS allows taxpayers to deduct any cash or property donations made to qualified 501(c)(3) organizations. This includes donations made through payroll deductions, as well as donations of appreciated securities or real estate. It's important to note that, in order for a donation to be deductible, it must be made directly to the organization and not through a third-party such as GoFundMe or Kickstarter.
Additionally, the IRS imposes limits on the amount that can be deducted in any given year. For cash donations, the limit is 60% of your adjusted gross income (AGI). For property donations, the limit is 30% of your AGI. However, any excess donations can be carried forward and deducted in future years until the total amount donated reaches the AGI limit for that year.
If you're looking for a way to reduce your taxable income and help out a worthy cause, look no further than donating to a 501(c)(3) nonprofit organization. Not only will you feel good about giving back, but you'll also get some great tax benefits in return.
So why wait? Donate today! Of course, before making any decisions, please consult with a tax professional to ensure that you are taking advantage of all available deductions. Happy giving!
As we close out another year, now is the perfect time to take advantage of tax deductions by donating to Global Family Support Foundation - A 501(c)(3) nonprofit organization.
All donations are tax-deductible and go towards supporting families in need around the world. Give today and not only will you feel good about helping others, but you'll also get some great tax benefits in return. Consult with a tax professional to ensure that you are taking advantage of all available deductions and happy giving!
Global Family Support
Our mission is to work directly with families in need and provide quality educational and living charity services.