Most taxpayers know that donations to charities, from clothes that don’t fit anymore to cash or property, can be deducted on their tax returns. But do you know what organizations are qualified charities? It’s important to be aware that not every donation may be eligible for tax deductions, starting with which organizations are considered qualified.
Cash, clothing and household items, and property may all be eligible to be deducted from your taxes when donated to:
- Religious organizations such as churches, temples, and mosques
- Nonprofit schools, hospitals, and universities
- Federal, state, and local governments
- Volunteer fire companies (nonprofit)
- Domestic fraternal societies
- Charities such as the Red Cross, Goodwill Industries, and United Way
- Veterans’ associations (auxiliaries, posts, etc.)
- Some organizations that support national/international sports competitions
- As allowed by treaty, certain Canadian and Mexican charities
For more information on qualified charitable organizations and your tax deductions, check out the complete list in IRS Publication 78. Or, if you’d prefer the guidance of an expert tax preparation and resolution professional, give us a call at Taxation Solutions, Inc. We’re here to help with all of your tax questions large and small.