FINANCIAL Benefits of Donating.

Even though your primary reason when donating should be a selfless concern of the well-being of others, I still believe you should know that great tax benefits exist for those who give.

A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductionsYou must itemize in order to take a charitable deduction. Make sure that if you itemize, your total deductions are greater than the standard deduction. If they’re not, stick with the standard deduction.

A contribution is deductible in the year in which it is paid. Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.

Most, but not all, charitable organizations qualify for a charitable contribution deduction. You can deduct contributions only if they are made to or for the use of a qualified recipient. No charitable contribution deduction is allowed for gifts to certain other kinds of organizations, even if those organizations are exempt from income tax.

Looking for a charity to donate to?

OutWest, IL presents: Remote Learning Supply Drive

Due to the recent adjustments of the world, children must now adapt to a virtual learning environment. Although learning from home has its pros, it is also faced with plenty of cons. One major challenge is ensuring equity for students who are at a disadvantage due to a lack of technology and resources. CPS x Outwest , IL has collaborated to ensure students are prepared on their first day.


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