Did you make a donation this year? Here are a few tips for claiming it on your tax return.
What’s better than getting a larger tax refund from your tax return? Giving to a good cause.
In fact, WebMD.com’s article “The Science of Good Deeds”, explains that giving to others not only gives something called a ‘helper’s high’, but it also leads to a longer, healthier life.
What’s better than giving to others while also receiving a larger tax refund? Not much.
Before you start spreading some donation love, you’ll want to first make sure you’re going about contributing the right way. Not everything you donate is tax deductible.
Tax Tip #1: Itemize your deductions to claim contributions
If you’re debating between taking the standard deduction or itemizing your deductions, if planning to deduct your charitable contributions you’ll have to pick the ladder.
Luckily, you won’t have to do the calculations by yourself. The RapidTax team will do the hard work for you.
Tax Tip #2: Donate to a ‘qualified charity’
If you planned on giving your mom a car for Christmas and counting it as a deduction on your taxes, you may want to reconsider. In order to deduct a gift, you’ll have to donate to a qualified charity. (more…)