TOLEDO (WTOL) - Most of us have a favorite charity to which we like to donate.
Locally, perhaps it’s Susan G. Komen of Northwest Ohio, Bittersweet Farms or the American Red Cross of Northwest Ohio.
Last week, the great community of northwest Ohio and southeast Michigan came through for charity organization Impact With Hope and donated desperately needed items to be shipped to victims of Hurricane Michael in the Florida panhandle.
Bill McDonnell of PNC Bank has some advice on picking the right organization for donations for taxes.
“They’ve gotta be legitimate and you wanna keep your receipts or canceled checks in support of the organization. You’ll need to have documentation while the IRS can come back and audit you. You’ll want that in your file,” McDonnell explained.
Some more tips are listed below:
- To get a deduction, you have to itemize.
- Document everything you can.
- Volunteering? Well, your time has no value, it’s non-deductible. But your travel expenses, or maybe a uniform, can be deducted
- Giving clothes or household items to organizations like Goodwill or Salvation Army can be estimated, but it’s best not to exaggerate.
- Handouts to the homeless or pooling funds to help a co-worker using websites like GoFundMe are not deductible.
“What people always think about is what makes a charitable contribution. There are a lot of resources out there to make deductions to the right organization. Make sure they’re legit. There are websites out there to help you understand also. The IRS has a great website to look for legitimate places to find a charity that’s acceptable place to give your money," McDonnell added.
In addition to the IRS' website, GuideStar offers in-depth looks into charitable organizations so you can check it out before you write that check.