CHICOPEE, Mass. (WWLP) – The holidays go hand in hand with charitable donations, and they can also count as a write-off on your taxes. There are a few things to remember to make that charitable donation count.
Keep a receipt with the organization’s name, the date and the value of all non-cash goods. Also, remember to choose carefully when making a donation; only donations to qualified charitable organizations are tax-deductible.
Raymond James Financial Adviser Mark Teed told 22News, “They’ll have it stamped all on their website, they’ll say we are a tax deductible entity 501C3 or whatever. They’ll make it very clear so just check the website, make sure it’s a tax deductible charity and go ahead and do it.”
According to the IRS, contributions are tax deductible up to 50% of your income and will count for 2016 as long as payments are mailed by the last day of the year.