Tax

Charitable Deductions: What You Need to Know

Charitable Deductions: What You Need to Know

  • Just because an organization is tax exempt doesn't mean that your donation is tax deductible
  • Hang on to receipts and canceled checks--they'll come in handy at tax time (and substantiation is required if you contribute cash or property worth $250 or more)
  • Make checks payable to the specific charity--avoid cash whenever possible
  • Never give personal information (e.g., your Social Security number) to a telephone solicitor
  • If you volunteer for a qualified charity, you may be able to deduct your travel expenses

This information is prepared by an independent third party, Broadridge Investor Communication Solutions, Inc. and is provided for educational purposes only.

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Copyright 2020 by Broadridge Investor Communication Solutions Inc. All Rights Reserved

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