Eight Tips for Deducting Charitable

If you are looking for a tax deduction, giving to charity can be a “win-win” situation. It’s good for them and good for you. Here are eight things you should know about deducting your contributions to charity:

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Qualified Charitable Deductions

A QCD is a payment of an otherwise taxable distribution made by your IRA trustee directly to a qualified public charity. The funds must be transferred directly from your IRA trustee to the charity.

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Substantiating Charitable Contributions

One of the most popular tax deductions for individuals is the one allowed for donations to charitable organizations – from the local church or synagogue to the Red Cross and various other national organizations. Unfortunately, this deduction has also been among the most abused.

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