The last month of the year is often a good time to plan final charitable contributions. The timing is helpful because you’re able to have a better estimate of income for the year compared to your donations/goals. It’s also helpful because the deduction, should you itemize, will be realized on your tax return just a few months from now.
If you donate using credit card in December, but payoff the statement in January, you still receive the deduction for December
If you mail a donation in December, but the check isn’t received until January, you still receive the deduction for December
You may not deduct hours of labor
Example: Mowing for 10 hours at the local church is certainly a worthy deed, but is not tax deductible
You may not deduct if a benefit was received
Example: You bought a $100 gift basket at a school charity auction. If the goods inside the basket are valued at $80 then a $20 deduction is allowed. You may only deduct to the extent the amount exceeds the value received.
Documentation for Monetary Donations
For donations under $250 you must have a copy of the cancelled check or a receipt from the charity. For donations of $250 or more you must receive a written receipt from the charity, with name, date, amount, and a statement that no goods or services were provided by the charity in return for the donation.
We appreciate and support many non-profit entities. Some of our favorites include:
Concordia University, Nebraska brings a Christ-centered learning environment to higher education.
Heartfelt Connections is a non-denominational grief support group for parents who have experienced the death of a child. This group is facilitated by qualified volunteers and professionals. They offer support, confidentiality, and promote healthy grieving and recovery. It is a place for parents to share experience, seek information and offer support to each other.
Memorial Health Care Systems has a charitable foundation. Contributions made to the foundation help ensure medical services are available by providing the resources needed to obtain and maintain state-of-the-art medical equipment and facilities. The foundation’s vision is to ensure excellent health care services remain available in our community.
Located at 504 Seward St in Seward, Nebraska, the Et Cetera Thrift Shop provides a local option for your non-cash and goodwill donation items.