Year End Tax Savings

With just a couple of weeks left in 2019, consider this tax-saving measure: there’s still time to make a year-end donation to charity.

There are a lot of worthwhile charities you can donate to. If you don’t already have a particular charity in mind, here’s a way to narrow down the field. Ask yourself: “What is particularly important to me?”

You can support organizations whose mission focuses on the environment., education, fighting hunger, animal welfare, supporting children, and many others causes. You can find charities that work locally, regionally, nationally, or internationally.

In order to be deductible, your contributions must have been made to qualified charitable organizations: contributions to individuals are never deductible.

If you’re unsure whether the organization that you’re contributing to qualifies as a charitable organization for income tax deduction purposes, refer to the IRS Tax Exempt Organization Search tool: https://apps.irs.gov/app/eos/

Remember: you can only deduct charitable contributions if you itemize using IRS Schedule A. Also, be sure to keep good records, including written acknowledgement of your donation from the charity.

For more information about charitable donations, visit this IRS page on the topic.: https://www.irs.gov/taxtopics/tc506