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ISSUE INSIDE THIS
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It’s Been 15 Years ...
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Maximize Your Golden Years
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Keep Yourself Safe While Traveling Alone
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Don’t Overlook These Retirement
Financial Threats!
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Honey-Pecan Chicken Breasts
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Take Advantage of This Tax Deduction!
CREATE A BETTER FUTURE BY DONATING!
How do you claim charitable donations on your tax returns? You must itemize your deductions by filing Schedule A of IRS Form 1040. If your standard deduction is more than your itemized deductions, many advisors suggest simply collecting the standard deduction instead. Below is an outline of the standard deduction amounts by filing status for the upcoming filing season.
One of the best ways to strengthen your community and help create a better future is by giving back to those in need and supporting organizations committed to assisting others. If you decide to donate or volunteer as a token of appreciation for your considerable contributions and time, you could receive a tax deduction! Generally, you can deduct various donations you make as long as they’re equal to or less than 60% of your adjusted gross income. However, you may be limited to a lesser percentage depending on the type of contribution you provided and the organization to which you donated. During the 2020 and 2021 tax years, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to claim up to $600 in cash donations to qualified charitable organizations on their taxes without itemizing them. However, the CARES Act has since expired and is no longer available.
1. Donate to a tax-exempt organization or nonprofit. Be sure to ask the charity how much of your contribution will be tax‑deductible! 2. Document your contributions. Collect all bank and credit card statements and receipts from the charities you donated to. If you contributed through your employer, keep copies of your W-2 as evidence. 3. Don’t forget about volunteer work. The IRS can’t deduct the value of your time or service. But if you had any volunteering- related expenses, they can be deductible!
Single: $13,850
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Married filing jointly: $27,700 Married filing separately: $13,850
Head of household: $20,800
Consider donating this month in honor of International Day of Charity on Sept. 5. Please let us know if you have any questions about charitable contributions and how they can impact your taxes!
What are the rules for charitable tax deductions? To receive a deductible, your donation must meet specific guidelines.
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Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Capital Advisory Group, Inc. is not affiliated with Kestra IS or Kestra AS. Neither Kestra IS or Kestra AS provide legal or tax advice and are not certified public accounting firms. KestraFinancial.com/disclosures
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