The Benefits of Giving

While the biggest beneficiaries of your charitable donations are the organizations to whom you donate, there are benefits you can receive as well. Following are ways that you may benefit from your donations. As always, it is wise to consult a trusted financial advisor to be sure of your individual situation.

A charitable contribution deduction for your income tax. You’ll want to consult someone knowledgeable in the tax laws for this one because the amount you can deduct is in proportion to the ‘cost’ of the deduction. The ‘cost’ is determined as a percentage based on your annual income. Your contribution is tax deductible in the year in which it is paid. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.

There are limits to how much you can deduct, but only if you contribute more than 20% of your adjusted gross income to charity. Most of us don’t have to worry about that limit. If the contribution is made to a public charity, the deduction limit is 50%. For example, if your adjusted gross income is $100,000, your deduction limit for that year is $50,000.

In-kind donations. If you donate rather than throw out old clothes, furniture, and equipment that you no longer use, you can take a tax deduction for the “fair market value” of your donation. This means you can deduct what the items would realistically sell for. However, the IRS only permits deductions for donations of clothing and household items that are in “good condition or better” so don’t think you can give away your junk and take a deduction for it. When you make these in-kind donations, make sure that you get a receipt. No deduction is allowed for a contribution of $250 or more unless you have a written confirmation from the charity. A canceled check alone is not enough.

Types of Organizations to Which You Can Donate and Get a Tax Deduction

  • Churches and other religious organizations
  • Tax-exempt educational organizations
  • Tax-exempt hospitals and certain medical research organizations
  • A government unit, such as a state or a political subdivision of a state
  • Publicly supported organizations such as a community chest
  • Certain private foundations that distribute contributions they receive to public charities
  • Private operating foundation which pool their donations in a common fund
  • Membership organizations that rely on the general public for more than a third of their contributions
  • For more information about tax deductions for your charitable contributions, talk to your FFEF counselor.

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Safe Programs For Donations To Our Troops:

  • Disabled American Veterans Charitable Service Trust
  • Fisher House Foundation
  • Homes for Our Troops
  • Army Emergency Relief
  • Operation Homefront
  • National Military Family Association
  • Armed Services YMCA
  • Special Operations Warrior Foundation
  • Navy-Marine Corps Relief Society