Benefits Abound: Charitable Contributions and Tax Deductions

Are you looking for a great way to get rid of all the extra clothes, household items and furniture that you never use? Instead of tossing all your gently used items, why not donate them? Donating your old items is a great way to support your community as well as get a sweet tax break on all of your donated items.

When choosing the right organization to donate to there are a few details to keep in mind. You want to make sure the organization you pick is a nonprofit organization that is approved by the IRS. Most of the time these organizations are easily found by a simple google search in your location. If you are not sure if the organization that you are looking into is approved, the IRS has a website  you can use to check for approved locations.

When you donate items and intend to get a tax deduction on them, make sure you get a receipt with the name of the organization and a fair dollar amount for the items that you are donating. This is how the IRS will make sure you are getting a deduction of an agreed upon amount.

Research the organization you intend to donate with beforehand; some organizations will not accept certain donated items for various reasons. Also, you need to make sure the amount you are donating does not exceed 50 percent of your Adjusted Gross Income (AGI). To learn more about AGI and to find out what your AGI is, visit this website.

A few great places that accept tax-deductible donations in the St. Cloud area include:

 

There are even more charitable donation locations in Minnesota that will add to your tax deductions. Did we miss your favorite? Post it in the comments below. If you have any questions about how to claim your tax deductible donation, contact Schlenner Wenner. As always, we will be happy to help you!