Chances are you have made charitable donations in 2017. Whether it was to provide aid after recent natural disasters like Hurricane Harvey or wild fires, or to your favorite non-profit organization or church – there are many ways to give back, and many of your giving efforts may also be tax deductible.
When it comes to charitable giving, gifts are made one of two ways, either as: (1) a monetary gift or (2) an in-kind gift. An in-kind gift could be donating new toys to an organization for children during the holiday season or food to your local food pantry. An in-kind donation is one of goods or services.
To qualify as a deduction, you first must ensure the recipient is registered as a 501(c)3 nonprofit organization. If you’re not sure, use this resource from the IRS to check. If it is, the next step is to provide adequate documentation with your file.
We recommend our clients retain receipts, along with: the name and address of the beneficiary; the date of the gift and the value for proof. Here’s a good place to start if you’re looking at simple deductions.
If you have made a gift but aren’t sure it qualifies, or are considering a gift and want to ensure it will be tax deductible, reach out to us. We can help determine the best way to make and document your gift so you can include it as a deduction on your 2017 return. Call us anytime at (913) 888-9100.
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.