You need to make sure the organizations receiving your hard earned dollars are qualified as Section 501c3 charities. You can check IRS Publication 78, available online and at many public libraries. Pub. 78 lists most organizations that are qualified to receive deductible contributions. Better yet, there’s an online version too. Just go to IRS.gov and type in “Search for Charities.”
There is a key exception to the Pub. 78 list. It’s important to note that churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations, even though they often are not listed in Publication 78.
Oftentimes, what looks like a charity on the outside is really a social club or political organization. For example, I’m active in the local BMW car club. While it’s a great bunch of folks and we have fun driving around, it’s purely a social club. Contributions to it receive no favored status within the tax code.
Political parties are another bunch that do not qualify as a recipient of tax deductible contributions.
As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.
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