Do your research. Just like any other financial decision, do your research ahead of time to make sure you are donating to a reputable organization that will help the community.
Check the charity's tax status. If you itemize, you can deduct your charitable contributions — but only if the charity is tax-exempt. IRS Publication 78 provides a list of charities and non-profits that are eligible for tax-deductible contributions.
This year, nearly 265,000 organizations lost their tax exempt status. This means you will not be able to deduct your charitable donations if they were made to one of these organizations.
This should not prevent you from contributing to your favorite charity or organization, just to be aware of the changes you may encounter come time to file for taxes.
Resources:
Janus Real Estate Group * Heather Anderson * 972-765-3773
