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Making a donation is not only a great marketing tool but it is also very easy.  Unfortunately, claiming donations on your taxes is a lot more complicated.

Here is a checklist of things that need to be done before writing the check to a charity of your choice:

  • In order to receive a tax benefit from your donation, it must be sent to a qualified charity.  Usually, only 501 (c)(3) organizations are qualified.
  • If you are still unsure if an organization is qualified or not, the IRS has a search tool so you can do some research on the desired organization.
  • It is important to understand that not all donations are equal in value.

o   Cash or check donations are deductible only with proof of the donation.

o   Volunteered services are not deductible.

o   Mileage incurring while volunteering is deductible as long as the traveling was for any other purpose.

o   Donations of goods, services, or property are deductible.

  • If the organization gives your business something in return for your donation, you must deduct its value from your gift.
  • For any donation over $250 dollars you must obtain a letter from the organization stating the amount and whether you received any goods or services in exchange.
  • Property is deductible up to its fair market value.


Posted 10:00 AM

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