Charitable giving is an important part of tax planning at yearend, so be sure to look at both the cash and the noncash aspects of giving. Depending on the amount of earned income you have and the amounts of your charitable donations, it may make sense to contact a tax expert or financial planner to talk about the tax ramifications for your particular giving situation.
Remember, you have to itemize. Only individual taxpayers who itemize their deductions on Schedule A can claim a deduction for charitable contributions. This deduction is not available to people who choose the standard deduction, including anyone who files a shorter form (1040A or 1040EZ).
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.
Comments