Personal Tax Tip 1 - Track Charitable Donations

Personal Tax Tip 1 - Track Charitable Donations 📋💰

Are you donating to your favorite charity? 🏥💖 Don't forget to keep track of your charitable donations throughout the year! 🗓️ It’s not just a kind gesture; it can actually save you some money on your taxes! 💸 Here’s how to make the most out of your generosity:

1️⃣ Keep Records 📂: Whether you’re donating cash, clothing, or household goods, always ask for a receipt. 🧾 For monetary gifts, keep your bank statements or credit card receipts. For non-cash donations, maintain detailed lists of items donated, their fair market value, and the condition they’re in.

2️⃣ Get the Right Documents 📝: If you’re giving $250 or more to a single charity, you'll need a written acknowledgment from the organization. 📄 Make sure it includes the charity’s name, the amount, and a statement on whether you received any goods or services in return.

3️⃣ Know Your Limits 🚫: The IRS has limits on how much you can deduct based on your adjusted gross income (AGI). For example, you can usually deduct up to 60% of your AGI for cash donations to public charities.

Tracking these donations can maximize your deductions and potentially reduce your tax bill! 📉 So, start keeping those records now to ensure you don't miss out on savings come tax season. 📆🕐

Need help sorting it all out? Contact Executive Tax Solution today at (469) 262-6525! ☎️ We're here to guide you every step of the way.

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