Do you have questions about what qualifies as a charitable contribution? If you answer with a yes to any of the following questions for this year, you may qualify for a tax break.
- Did you volunteer for a charitable organization? If so, the expenses you incurred during your service, but not your time, are considered cash contributions and are deductible.
- Did you contribute to a “donor-advised” fund? Check with your tax professional as this may or may not be deductible.
- Did you donate used clothes or furniture to a charitable organization? If such items were in good to excellent condition they may qualify for a tax deduction. If they are well-used and of limited monetary value, they may not qualify.
- Did you donate a vehicle? There are limits placed on how much you can deduct for vehicle donations.
If you have further questions on what sort of contributions qualify for tax deductions and how to keep proper records for them, please read our brochure below or contact us about your specific situation.