Donating to charity is always a positive thing. A separate benefit is a deduction on your tax liability total. As tax filing deadline approaches you may be considering making a donation this year. Unfortunately, not all charities put donation funds to the best use. Some even use most of it for company profit over actually benefiting those in need. Similarly, others are designed strictly to scam you out of money. Before choosing where to give review this list of reputable tax deductible charity donations to make the most out of your gift.
Reputable Tax Deductible Charity Donations
There are several not for profit websites devoted to finding the best charities for donations. Charitywatch.org has compiled a list of the highest rated charities listed as reputable.
Animal based charities – Wildlife Conservation Society, PetSmart Charities
Cancer – Breast Cancer Research Foundation
Child Protection- Child Find of American
Environment- Conservation Fund, Environmental Defense Action Fund
Health – American Kidney Fund
Homelessness – National Alliance to End Homelessness
Mental Health – Brain & Behavior Research Foundations
Veterans & Military- Semper Fi Fund
It is important to know that a charity’s rating isn’t the only thing you should look for. Not all donations are tax deductible. There is a difference between “tax exempt” and “tax deductible.” Tax exempt means the organization doesn’t have to pay taxes. Tax deductible means you can deduct your contribution on your federal income tax return.
Further, the Federal Trade Commission recommends people research any charity prior to donating. Always take the time to contact the Better Business Bureau to be sure your charity of choice doesn’t have any history of complaints.
Once you do decide on a charity, be sure to keep a record of your donation. Ask the charity to send you a receipt of the donation and keep it with your financial files. As tax time approaches, get organized and file your taxes on time. If you have problems with tax debt, contact a bankruptcy attorney in Dallas to discuss your debt relief options.