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This charitable giving can help cut back on your taxes.
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
“An organization has to have received the 501(c)(3) designation from the IRS for it to qualify as a ‘charitable organization’ in terms of deduction donations for tax purposes,” said ...
According to J.P. Geisbauer, a Certified Public Accountant (CPA) at CenterPoint Planning, “With [the] standard deductions as high as they are… and the $10K state and local tax deduction ...
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005:
that allows folks to see if the donations they've made are tax-deductible. According to the IRS website, the quiz takes about 12 minutes to complete. Non-cash donations are eligible for tax deductions
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