Remember, not all charitable donations are tax-deductible. This is because "tax-exempt" does not mean "tax-deductible." If you want to make sure you can deduct your donation, look for an organization that has 501(c)(3) status - this means that donations are deductible. If you aren't sure about the 501(c)(3) status of your organization of choice, then ask (they'll be more than happy to tell you).
According to the IRS, you can deduct donations to:
* Religious organizations * Federal, state, or local governments * Non-profit schools and hospitals * Public parks and recreation facilities * War veterans groups
You can't deduct donations to:
* Individuals * Labor unions * Social or sports clubs * Foreign organizations (except certain Canadian and Mexican charities) * Homeowner's associations * Political candidates
Once you have determined that your gift is in fact deductible, find the receipts that prove you made your donation. If you have given a non-monetary gift (such as a car or clothing), you are entitled to deduct the fair market price, which means that you might need to get an appraisal. If you get something in exchange for a donation (say, tickets to a charity ball), you must deduct what is the fair market price of that perk.
If you donate less that 20% of your Adjusted Gross Income in a particular year, you can deduct it all. If you donate more than 20%, you'll have to talk to the IRS to figure out exactly what deductions you qualify for.
on 8/12/2009
Please help my youth pastor. They are in need of some repairs on their vehicle. They are trying to get grant through an orginazation called modest needs. Please go to www.modestneeds.org and look for request #117746. I would greatly appreciate it as they have helped me so much and I know they could really use the financial help. Here is their story I copied from the modest needs web page.
We are Youth Pastors at a church in Poinciana, Florida. As this is a brand new church, we do not receive any compensation from the church. We have had to work full time at other jobs to pay our bills for the past 4 years while still working full time at the church as well. Both my husband and I worked full time jobs until the 23rd of July when my husband's job laid him off. He has been looking for another job applying everywhere with no such help.
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beamer03 said
on 8/12/2009 Please help my youth pastor. They are in need of some repairs on their vehicle. They are trying to get grant through an orginazation called modest needs. Please go to www.modestneeds.org and look for request #117746. I would greatly appreciate it as they have helped me so much and I know they could really use the financial help. Here is their story I copied from the modest needs web page.
We are Youth Pastors at a church in Poinciana, Florida. As this is a brand new church, we do not receive any compensation from the church. We have had to work full time at other jobs to pay our bills for the past 4 years while still working full time at the church as well. Both my husband and I worked full time jobs until the 23rd of July when my husband's job laid him off. He has been looking for another job applying everywhere with no such help.
Then, we had some trouble with our brakes...