There's Black Friday, Small Business Saturday, Cyber Monday, and finally Giving Tuesday, the day we pay it forward. On this Giving Tuesday, why not donate to a worthy charity?
Taxpayers who give money or goods to a charity by the end of the year may be able to claim a deduction on their 2016 federal income tax return.
Not sure what will qualify as a write-off? IRS Select Check is a tool you can use to check most eligible groups. You have to itemize using Form 1040 to claim the federal deduction, however Arizona also offers tax credits for certain charitable contributions.
According to the IRS, IRA owners, age 70 ½ or older, can give up to $100,000 a year to an eligible charity tax-free.
If you plan to donate items instead of money, Uncle Sam requires that donors must get a written acknowledgement from the charity for anything worth $250 or more.
Be sure to keep receipts or written statements for proof.