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Protect your deduction by validating that a charity is eligible to receive tax-deductible contributions before you donate.
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity you’re considering is indeed a qualified charity — that it’s eligible to receive tax-deductible contributions.
The IRS’s online search tool, Exempt Organizations (EO) Select Check, can help you more easily find out whether an organization is eligible to receive tax-deductible charitable contributions. You can access EO Select Check at http://apps.irs.gov/app/eos. Information about organizations eligible to receive deductible contributions is updated monthly.
Also, with the 2016 presidential election heating up, it’s important to remember that political donations aren’t tax-deductible.
Of course, additional rules affect your charitable deductions, so please contact us in Brea (714.990.1040) or Visalia (559.732.4135) or click the button below if you have questions about whether a donation you’re planning will be fully deductible. We can also provide ideas for maximizing the tax benefits of your charitable giving.
Affordable Care Act Webinar Resources Available
Frazer, LLP recently hosted a complimentary webinar, "Are You Ready for the New ACA Employer Reporting Requirements?" with guest speaker Ruthann Laswick, President, Blue Water Benefits Consulting in conjunction with Brown & Brown Insurance Services of California, Inc. You can now view the webinar recording and download the handout.