Donations: How To Maximize Your Tax Deduction
Charitable donations of goods and money to qualified organizations can be deducted on your income taxes, lowering your taxable income. Monetary donations can be deducted up to 50% of your taxable income and non-cash donations up to 30%. If you don't have a lot of cash, there are still many opportunities to donate and save money on taxes at the same time.
Plan Your Giving
There are many tax planning opportunities with charitable donations that you can take advantage of to give you the largest deduction possible. If you know that you will be in a higher tax bracket next year than you were this year, you may look at holding off until next year when the deduction will be greater. Large charitable gifts should also be planned carefully in order to maximize the deduction and minimize your out-of-pocket cost.
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