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Click the button below, use our step by step system to donate, and get your "Letter of Acknowledgment" (proof of donation) with everything you need for your taxes automatically emailed to you. Send this letter to your tax professional. It is easy and a great thing to do!
Thank you for helping us help horses!!!
A charitable donation is a contribution of money or goods to a tax-exempt organization, such as a charity, that can reduce your taxable income.
To claim a deduction for charitabe donations on your taxes, you must have received nothing in return for your gift, and you must itemize on your tax return by filing Schedule A of IRS Form 1040.
In general, you can deduct up to 60% of your adjusted gross income via charitable donations, but you may be limited to 20%, 30% or 50% depending on the type of contribution and the organization.
The limit applies to all donations you make throughout the year, no matter how many organizations you donate to. Contributions that exceed the limit can often be deducted on your tax returns over the next five years -- or until they're gone -- through a process called carryover.
Generally, when you file your tax return every year, you'll need to itemize your deductions in order to claim tax deductible donations to charity. That means filling out Schedule A along with the rest of your tax return.
Itemizing can take more time than if you just take the standard deduction, and it may require more expensive tax software or create a higher bill from your tax preparere. Plus, if your standard deduction is more than the sum of your itemized deductions, it mighte be worth it to abandon itemizing and take the standard deduction instead. If you abandon itemizing, however, you abandon taking the deduction for what you donated.
Single: $13, 850
Married, filing jointly: $27,700
Married, filing separately: $13,850
Head of household: $20,800
Tax deductible donations must meet ceratins guidelines, or you won't get the extra cash to accompany your good deed. Here's how to make your tax year a little sweeter:
Keep track of your tax deductible donations, no matter the amount. IF you made a monetary contribution, qualifying documentation includes a bank statement, a credit card statement and a receipt from the charity (including date, amount and anme of the organization) or a canceled check. If you made a contribution as an automatic deduction from your paycheck through your employer, keep compies of your W-2 or pay stubs showing the amount and date of your donation.
You'll need additional documentation in these circumstances:
IRS rules don't let you deduct the value of your time or service, but expenses related to volunteering for a qualified organization can be counted as tax-deductible donations.