Charitable Contribution Tax Deductions
Donating to charity is not only personally fulfilling but it can also save you money on your taxes if you itemize your deductions. Regardless of if you donate personally or if you donate through your business, your charitable contributions will be reported on Schedule A of your 1040. Generally, charitable deductions are limited to 50% of your AGI, however, if you are donating capital gain property or donating to certain types of organizations your deduction may be limited to 30% or 20% of your AGI. Before you donate, check our link below to see if the organization you will be contributing to is an IRS exempt organization.