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What You Need to Know About Charitable Tax Deduction - http://www.straittalk.co.za | make money online

February 12, 2019 4:40 pm
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It pays off being generous. Not only are you giving back, but in some instances, you can even get a tax write off. However, it can get confusing about what qualifies as a charitable tax deduction and what doesn’t. So we’ll break it down for you.

By claiming charitable donations as tax deductions on Form 1040, Schedule A, Itemized Deductions, instead of claiming the standard deduction, you could even lower your taxable income.

The IRS website has a tool to help you calculate your standard deduction. Use either the standard deduction amount or the total itemized deductions, whichever results in the lower amount of tax you’d owe.

Here are more tax deductions you can take advantage of: https://www.gobankingrates.com/taxes/deductions/commonly-missed-tax-deductions/

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