How many people have had a less fortunate year than you have? With storms, floods and fires this year, many have suffered and need your help. Others are struggling to put food on their tables or finding housing. As you are purchasing gifts for those you know, you might want to also help others in need. Now might be a good time to make charitable contributions and get deductions on your taxes this year. These donations must be made by the end of the year, so this is an appropriate time to remember to make those contributions. You can reap tax benefits while doing good for a charity, school or other qualifying organization. Included in this list are the funds set up for victims of hurricanes and other disasters, as long as they are registered as charities.
Your donation must be made to a qualifying organization, often a 501(c) (3). You can determine whether the organization you want to contribute to is qualified by going to the website, IRS.gov and clicking on “Tools” and then on “Exempt Organizations Select Check” 561 Schedule A (Form 1040) 8283 IRS.gov/eoselectcheck.
Maintain a record of your contributions in the form of either bank records (such as a cancelled check) or a written communications from the charity (such as a receipt or a letter) showing the name of the charity, the date of the contribution, and the amount of the contribution.
With a competent accountant like Les Merritt, CPA, you can be assured that your credit for your generosity is included in your tax return for 2017. Les has helped businesses and individuals with their tax preparation throughout Wake County and beyond and can handle your returns as well.
Give Les a call today at (919) 269-8553 and see what you can do before the end of the year. He and his qualified staff can help save you money while you assist others in this season for giving.