IRS Volunteer Mileage Deduction: Volunteer Mileage Rate $0.14
When you donate directly to IMS via a check, Ann Cotton, our office manager, will give you receipt.When you donate through Network for Good, you will always receive a confirmation e-mail, which will serve as your receipt. You also can print the confirmation page that appears on your computer screen after you’ve completed your contribution — that can also serve as a receipt. You should always keep a hard copy of your receipt for your tax records. A canceled check or credit card receipt is no longer allowed for any donation greater than $250. It is a good policy to obtain a receipt for any donation you make and most charities will issue one automatically.
I’ve heard that some donations aren’t fully tax-deductible, even if they’re to an IRS-recognized charity. Is that true?
I want to donate as much as I can this year. How can I do that, taking my own needs and expenses into consideration?
You can only deduct the amount of a contribution given voluntarily, with no expectation of a commensurate return. Generally speaking, you may deduct up to 50% of your aggregate gross income — half of your total income, subject to income phase-outs. There are some specific types of donations (such as gifts of stock, or donations to certain types of organizations) that have lower percentage ceilings.
The answer to that varies from person to person and is subject to phase outs at higher income levels. The following table shows the automatic deduction the IRS provides. While this is more than most people contribute to charity in a year, there are other items that are included in this amount such as including interest on a home mortgage, medical expenses and business expenses that exceed certain base amounts, state taxes withheld, and real estate taxes paid. Your charitable donations in the form of cash and volunteer mileage may help to lower your tax bill. As with any major tax decision, confer with your own tax or financial advisor so you’re sure you get the most out of all your deductions.
Yes, you do. Donations are only tax-deductible if you itemize deductions on your tax return. When you file your taxes, you’ll need to itemize your donations on the Schedule A of the 1040 form.
Network for Good can help you keep track of your individual donations throughout the year with its innovative personal profile feature, which allows you to create a Donation History of the charities you have donated to, how much you’ve donated, and when.
I want my giving to be deductible for this tax year. Do I need to make a donation by a certain time?
Yes. Any donation you make on or by December 31, 2006 will qualify as a deduction for 2006. Any donations made in 2007 (even at 12:01 a.m. on New Year’s Day) go towards the 2007 tax year. So if you’re looking for a tax benefit for 2006, you’ll want to make that donation soon. The good news is that you can donate on Network for Good any day of the week, 24 hours a day. So it’s easy to get in that last-minute donation.
When I make a charitable contribution to IMS via a check or through Network for Good, is that contribution tax-deductible?
Absolutely! Every single charity featured on Network for Good qualifies for 501(c)(3) non-profit status from the IRS — and that means every donation you give counts as a tax-deductible donation.
When you make a donation through the Network for Good, be sure to save and/or print the confirmation e-mail you receive from Network for Good for your tax records.