Charitable Donations and Taxes

Donating your time, efforts, goods, or even money can be excellent ways to help those who have fallen on hard times, get through them and to the other side of adversity. Sharing, in a charitable way is also, for many, good for the soul. Many Americans choose to give money or property to groups and organizations they believe in. In some cases, some people choose to donate quite a bit for those in need. However, did you know, beyond internal fulfillment, choosing to be charitable can help you in another way? When it comes time to file your taxes, the government will take into consideration your total donations, allowing tax breaks when it applies for your situation.


Below are a list of some of the rules for filing your taxes to reflect your charitable donations:


Itemize Deductions: In order to successfully claim your charitable deductions, you will need to keep strong records, so that you will be able to itemize your deductions. It is important, to ensure, before itemizing your deductions on a Schedule A, that this will result in reducing your tax expenses more than taking a standard deduction. Working with Enrolled Agent, Sandra King, will help to take the confusion out of this process. Do not accidentally sell yourself short by filing incorrectly. Working with Sandra King will ensure that you are able to be able to identify the best path for claiming your donations.


Proof: When you decide to donate and are interested in claiming this on your taxes, it is important to keep proof of your donations. If you give cash, keep a bank statement, cancelled check, or a credit-card receipt, that shows the sum of money you chose to donate. If your donation exceeds the amount of $250 dollars, get written proof from the organization, individual, or charity. This proof should include the date it was given, as well as the amount that was donated.

Sandra King Enrolled Agent

Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.



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