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Participate in Charity Events to Receive Tax Deductions

If you are searching for ways to lessen the blow at tax time, then donating to a charity is a great way to do it. But because there are some restrictions to tax deductible charities, you need to know the best way to donate in order to properly claim your deductions.

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Participate in Charity Events to Receive Tax Deductions

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  1. Participate in Charity Events to Receive Tax Deductions

  2. If you are searching for ways to lessen the blow at tax time, then donating to a charity is a great way to do it. But because there are some restrictions to tax deductible charities, you need to know the best way to donate in order to properly claim your deductions. Clothing and house wares- If you are going to donate clothes and house wares, you have to make sure that they are in “gently used” condition – meaning, not damaged. You should declare a reasonable amount for the totality of your donated items.

  3. Travel costs- If you volunteer for a particular charity, you will be entitled to tax deduction for expenses vehicle mileage. You may be able to deduct 14 cents for every mile driven; ask your tax professional for the most current deductible amount. Get More Info about tax deductible charity . Expensive items- If you plan to donate collectibles, heirlooms or other valuable items to tax deductible charities,it would be a good idea to have an appraisal done first. You never know what that antique item may be worth, and the more it is worth, the more you can deduct.

  4. Appliances- If you are going to donate household appliances like refrigerators, washing machines, etc., these provide tax deduction; however, you should have an idea of the total value of the appliance. Charity events- If you participate in a charitable event, you can receive a tax deduction. To be eligible, you should deduct the money paid over and above the fair market value of the charitable event – meaning, the amount used for food, entertainment, prizes and other expenses. Before you can deduct these expenses, make sure the charity you participated in on the IRS list of approved tax deductible charities. Call the IRS toll-free at (877) 829-5500 to do this.

  5. There are many ways to receive tax deductions, but donating to tax deductible charities is one that nearly anyone can take advantage of. If you have any questions about receiving a tax deduction for your charitable donation, please ask your tax professional.

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