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Q: When I make a charitable contribution to the Samaritan Center, is my gift tax-deductible?
A: Yes, the Samaritan Center has 501(c)(3) non-profit status with the IRS, so that means every donation you give counts as a tax-deductible donation. To get your deduction at the end of the year, be sure to save your receipt for your tax records.
Q: I want my giving to be deductible for this tax year. Do I need to make a donation by a certain time?
A: Yes, by the end of the calendar year that you want the deduction to qualify for. For example, if you gave a donation on December 31, 2008, your gift would qualify as a deduction for 2008. If you gave on January 1, 2009, on the other hand, your gift would qualify as a deduction for 2009.
So if you’re wanting your donation to count towards this year, make sure to give by December 31. And since you’re able to give to the Center online every day at any time, it’s easy to make last-minute donations before the year comes to a close. Donate now!
Q: Do I have to itemize my taxes to get a deduction for charitable giving?
A: Yes, donations are not tax-deductible unless you itemize deductions on the Schedule A section of your 1040 form.
Q: How much can I legally deduct on my taxes for charitable contributions?
A: Your deductions are restricted to the amount of your contributions that you shared voluntarily without any expectation of being compensated. Generally, you may deduct up to half of your total income (some restrictions apply to certain income levels and certain types of gifts).
The IRS has a worksheet to help you figure out which of your donations can be deducted and for how much.
Q: Is it worth the time and effort of itemizing just to get a deduction for charitable giving?
A: It varies from person to person and according to different income levels.
Your deductible items may encompass more than charitable giving—you might also be able to include interest on a home mortgage, medical expenses, some business expenses, volunteer mileage, and more. As with any major tax decision, make sure to discuss your options with your tax or financial advisor so that you can optimize your deductions.
Q: So how do I get started?
A: When you file your taxes, you will need to itemize your donations on the Schedule A section of your 1040 form. You can download this form and the instructions for how to fill it out from the IRS Web site.
Your giving can be such a blessing to others (and bring pleasant surprises at tax time as well!).
Please consider sharing with the Samaritan Center. During tax season and beyond, you’ll be glad you did.
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