If you’ve recently moved and donated your belongings, given money to a charity, or traveled to volunteer your time, you may be able to claim a tax deduction. Donating to a great cause is, of course, a good deed in itself, but that doesn’t mean you can’t reward yourself with a tax benefit.
These are the three types of charitable donations:
Any sort of donation by money, whether that’s through cash, check, credit, PayPal, or more, means that you can claim it. As long as there is a receipt to document it.
Donating goods to organizations, such as Goodwill or Salvation Army, may be deductible. You can only deduct the current market value of the goods you donated, but that often adds up to quite a bit when you’ve summed up all that you have donated from the year.
When you drive your vehicle as a part of any charitable service, such as commuting to volunteer, you can deduct the mileage. This can also help you recoup some of the degradation on your car.
If you need help determining which organizations are qualified for deductions and how to value your charitable donations, contact us today. We’d be happy to make sure you don’t miss a thing when filing your taxes.