Donations Being Put On A Tax Return...... (deduction, invest, claim)
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Thanks. I'm not looking to get anything back from doing it - it was not a lot and I do it because I want to. Like every year though, I had that lilttle "uh oh, should I?" LOL
They will most likely equal money back at the end of the year one way or another....
This is only true if one has enough overall deductions to itemize. If not, and you take the standard deduction ($11,400 for married filing jointly for example), then there is no tax benefit at all for making charitable donations.
Keep track of them all. I just put them in a spreadsheet on the computer.
Amount, date of donation, method of payment, etc.
They will most likely equal money back at the end of the year one way or another....
Not really- if OP is not a homeowner, self-employed, or a very involved investor, it's doubtful s/he has enough deductions to itemize and take advantage of the additional tax benefits beyond the standard deduction.
If OP is itemizing deducitons, s/he should definitely keep track of all donations (cash, check, or physical belongings like clothes or old furniture donated to the Salvation Army or other groups) because they really CAN add up over the year! I had forgotten I made three runs to Salvation Army in 2010- ended up being about $500 of "stuff" I had donated & could include in my charitable deductions.
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