Which organizations qualify for a charitable deduction?

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This topic contains 0 replies, has 1 voice, and was last updated by  Cara Reynolds – SUM180 Community Manager 4 years, 4 months ago.

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    When you make charitable donations, you’re probably not motivated by the possibility of an income tax deduction. But it doesn’t hurt your bottom line to know that if you donate money or property to a “qualified organization,” your donation can be deducted by filing Form 1040 and itemizing the deduction on Schedule A.

    If that deduction matters to you, you should know the difference between a qualified organization and organizations that do not qualify for a charitable deduction when you’re making decisions about how to direct your charitable giving.

    “Qualified organizations” include nonprofit groups that are religious, charitable, educational, scientific or literary in purpose, and nonprofit groups that work to prevent cruelty to children or animals. Organizations that are for-profit, or political in nature, do not qualify.

    9-11-2015 5-24-02 PM

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