Tips for Charitable Donations

11/28/2018 (Permalink)

With holiday season in full effect, giving back is one of the most important things to do. Whether you are donating to help the homeless, help underprivileged children, or a local pet shelter, you can kill two birds with one stone. In return for your generosity, you can use the donation as a tax deduction. Here are a few tips when you go to fill your business tax return:

• Itemize- in some cases it is more beneficial to itemize, rather than use the standard deduction
• Choose carefully when to make a donation- ensure the place you are donating to is qualified
• Get a receipt- a receipt for everything gives proof for the IRS.
• Payroll deductions- do not overlook payroll deductions. 
• You cannot deduct time
• You can deduct expenses related to volunteering
• Document the value of any gift given to a charitable entity
• Remember there are limits to deductions
• Calendar- remember that everything has to be done before December 31st of the filing year.

The Holiday Season is about giving and in order to give the most, business owners need to be able to catch some tax breaks. Using a few of these helpful tips, will allow you to u=ensure your business gets the maximum amount of tax breaks. Happy Holiday from SERVPRO of North Knoxville!