{"id":1916,"date":"2017-12-21T16:17:26","date_gmt":"2017-12-21T22:17:26","guid":{"rendered":"https:\/\/forvidas.org\/blogmg\/?p=1916"},"modified":"2017-12-21T16:21:51","modified_gmt":"2017-12-21T22:21:51","slug":"how-much-can-i-deduct-from-my-taxes","status":"publish","type":"post","link":"https:\/\/forvidas.org\/blogmg\/?p=1916","title":{"rendered":"How Much Can I Deduct From My Taxes?"},"content":{"rendered":"<p><a href=\"https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-1917 aligncenter\" src=\"https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024.jpg\" alt=\"\" width=\"1024\" height=\"1024\" srcset=\"https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024-150x150.jpg 150w, https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024-300x300.jpg 300w, https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024-768x768.jpg 768w, https:\/\/forvidas.org\/blogmg\/wp-content\/uploads\/2017\/12\/Nepal-girl-1024x1024.jpg 1024w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>How do you know what donations are deductible? How much of your donations can be used to reduce our taxes, and what records do you need to support it?<\/p>\n<p>Here\u2019s what we know:<\/p>\n<p><strong>Which Organizations Qualify?<\/strong><\/p>\n<p>An organization must be IRS-approved for you to get a tax credit. Approved organizations are classified by the IRS as 501(c)(3). They fall into the following categories:<\/p>\n<ul>\n<li>Nonprofit religious groups<\/li>\n<li>Nonprofit educational groups<\/li>\n<li>Nonprofit charitable groups<\/li>\n<\/ul>\n<p>If you\u2019re not sure if the organization you\u2019re donating to is IRS-approved, ask for their tax ID number. The IRS website list each organization\u2019s Exempt status by their tax ID.<\/p>\n<p><em>Mission Generation, Inc. tax ID is EIN#: 76-0324439 which is a Texas non-profit corporation and a qualified charitable organization under \u00a7501(c) (3) of the Internal Revenue Code established in 1990.\u00a0 <\/em><\/p>\n<p><strong>What\u2019s Deductible?<\/strong><\/p>\n<p><strong>Cash<\/strong>\u00a0These include the donations you make using cash, check, credit card, debit card, payroll deduction, cryptocurrencies and automatic withdrawals from your bank account. There are some exceptions to the rule, so please confirm with your accountant or tax professional.<\/p>\n<p><strong>Non-Cash <\/strong>These include most forms of financial instruments &#8211; stocks, bonds, equities, insurance, annuities etc.<\/p>\n<p><strong>Property <\/strong><strong>These are generally referred it as Gifts-in-kind.<\/strong> Property donations are anything of value \u2013 land, boats, automobiles, planes, ships as well as clothing and household goods. To be deductible these items must be in good used condition or better. Your tax write-off for these types of donations is generally based on the fair market value of the property at the time of the gift. The giver determines the value of the property, not the recipient.<\/p>\n<p><strong>When Do You Need a Receipt?<\/strong><\/p>\n<p><strong>Cash<\/strong>\u00a0Several times throughout the year we find ourselves spontaneously giving small cash gifts to different organizations. Whether you\u2019re throwing a $20 check into the collection plate at church or dropping a few dollars into the Salvation Army bucket at Christmas time, it all adds up. But if you\u2019re planning on deducting a cash donation, regardless of the amount, you must prove the donations with bank records, such as:<\/p>\n<p>\u2022 Bank or credit union statements<br \/>\n\u2022 Canceled checks<br \/>\n\u2022 Credit card statements<\/p>\n<p>If you\u2019re donating $250 or more, you\u2019ll also need written acknowledgement of your donation from the organization.<\/p>\n<p><em>Mission Generation mails all tax-deductible receipts January 25-28.<\/em><\/p>\n<p><strong>Property<\/strong>\u00a0Do you take a trip to Goodwill every time you clean your closet? Any time you make an in-kind donation, regardless of the amount, you should get a receipt. But what about the unattended drop-off sites? If it\u2019s impossible or impractical to get a receipt for your in-kind donation (and your total donations for the year are valued at less than $250), keeping your own reliable written record for each item donated will suffice. The IRS recommends taking a picture of each item along with a written log to substantiate these types of donations.<\/p>\n<p>For any in-kind donations you make of $250 or more, however, you\u2019ll need a receipt. Remember that every situation is unique. If you\u2019ve made a charitable contribution and want to learn more about the tax implications, consult the\u00a0<a href=\"http:\/\/www.irs.gov\/\">IRS website<\/a>.<\/p>\n<p style=\"text-align: center;\"><strong>There\u2019s only a few days left in the year. If you still haven\u2019t had a <\/strong><strong>chance to donate all you want to write off your taxes, please think of <a href=\"http:\/\/missiongeneration.org\/\">Mission Generation<\/a> first. Thank you and be bless in 2018 and all the years to come.<\/strong><\/p>\n<p><em>Disclaimer: This Information is not meant to replace the advice of your account, CPA or tax professional. Please consult a tax professional before making any decision impacting your taxes.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How do you know what donations are deductible? How much of your donations can be used to reduce our taxes, and what records do you need to support it? Here\u2019s what we know: Which Organizations Qualify? An organization must be IRS-approved for you to get a tax credit. Approved organizations are classified by the IRS<\/p>\n","protected":false},"author":1,"featured_media":1917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,94],"tags":[],"class_list":["post-1916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resources","category-school-program"],"_links":{"self":[{"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/posts\/1916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1916"}],"version-history":[{"count":1,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/posts\/1916\/revisions"}],"predecessor-version":[{"id":1918,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/posts\/1916\/revisions\/1918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=\/wp\/v2\/media\/1917"}],"wp:attachment":[{"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forvidas.org\/blogmg\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}