As the year comes to a close, it may be time to start thinking about charitable contributions in preparation for tax season. Charitable contributions are money or goods you have donated during the calendar year. These donations can be turned into tax deductions. All donations must be completed in full by the end of the tax year to count.
David Sant, VP of Marketing at Cyprus Credit Union, joined us with some important information about charitable contributions.
Some examples of charitable contributions are:
- Churches and other religious organizations
- Qualified charitable organizations
- Tax exempt educational groups
- Tax exempt hospitals
- Medical research organizations
- The state Veterans organization
- Private foundations that donate all contributions to a public charity
Individuals, political organizations, nor candidates apply. Neither does volunteering your time.
For all charitable giving you must have some sort of proof. This could be a credit card/ debit card, bank record or receipt from the charity. The documentation must include the date, amount donated and where the money was given.
For more information, please visit: cycpruscu.com.