Charitable giving tax deductions
With the year winding down, many people like to make donations of money and or items with the expectation, their good deeds will count when they file their 2018 taxes.
Internal Revenue Service spokesman Raphael Tulino say due to the new tax reform law, it’s possible the donations may not count.
He says the new standard deduction is 12-thousand dollars for an individual and 24-thousand dollars for a married couple. And normally, donations are listed as itemized deductions on the Schedule A tax form.
He says in order for the donations to count, the itemized expenses for the tax year, need to be greater than the standard deduction.
Tulino says when donating for the purpose of getting a tax benefit, it’s important to have a paper trail as proof, such as a receipt or some kind of documentation from the receiving organization.
More information is available on-line at www.IRS.gov