You’ve probably heard the
saying that giving is better than receiving. That may be true, but why can’t
you have both? If you are someone who gives money to charity or donates goods
to charitable organizations, you are entitled to deductions that can help you
save money.
Every Contribution Counts!
Most people can’t afford to
give huge amounts of money to charity each year. However, even people who can’t
give large amounts will usually donate something throughout the year. Maybe they
add a dollar to their supermarket purchase to help support charity, or maybe
they purchase girl scout
However, even these little
contributions count; it’s just up to the giver to remember to count them!
Donors can request a receipt, even for small donations, and store them until
tax time. They’re often surprised to find how much they’ve actually given
throughout the year...and how much of a break it can cut them on their taxes.
Add Up Expenses
Sometimes, “giving back”
just means handing over some cash, buying something, or driving items to the
local thrift store. Other times, however, there are expenses involved in being
a good person.
For those whose good deeds
require them to travel, such as to support or take part in a charitable event,
the costs of things like gasoline, airline tickets, hotels, and even food eaten
along the way can all be deducted.
Be Honest
As with all things tax-related, be honest in your dealings.
Don’t over-declare donations or over-exaggerate their worth. After all, the
whole point is to do something good and get a little back, not to be greedy and
dishonest.
