Each year, many of us celebrate the season of giving by donating time, money or much-needed items to those less fortunate. What most people don’t realize is that these donations can come in handy come tax-filing time. Charitable donations of money and noncash items to qualified organizations may be claimed as deductions and turned into savings for you down the round.
Claiming donations may seem tricky at first, so here are answers to some of the top questions I get every year.
Are there any rules for which donations I can claim? The IRS has a few rules for claiming donations on your tax return. Timing is everything, so make sure to get those donations in before the end of 2015 if you want to claim them on this year’s tax return. The gift must be received by Dec. 31, meaning anything you promise to donate in 2016 doesn’t qualify, but a check postmarked Dec. 31 will.
