Because we couldn’t have said it better if we tried! This article comes from Intuit Turbo Tax and can be found on it’s original site at https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/Charitable-Contributions/INF12011.html which was updated for tax year 2014. Nothing herein this article constitutes legal advice or tax advice. Please seek your own tax professional for personal questions.
Tax breaks make giving a win-win
Doing good can also be good for your bottom line. If you itemize deductions, you can write off your charitable contributions, whether you give money to a church, stocks to your alma mater, or clothing to overseas relief efforts.
But as is usually the case, the IRS has plenty of rules that can trip you up if you’re not careful. Here’s how to maximize the tax savings when you donate to a nonprofit.