Although they can never be fully avoided, we can pay less to the government and support meaningful causes by donating to charitable organizations.
In general, you can deduct the value of donations to qualified organizations up to 50% of your adjusted gross income. There may be lower percentages depending on the type of organization.
This post goes over the types of organizations that qualify for tax deductions, and looks at a good cause to donate to.
Which Organizations Qualify?
The IRS lists eight types of organizations whose donations qualify for tax deductions:
- States, or the U.S. itself, if the donation is made for the benefit of the public
- Donations to community funds set aside for charitable, religious, educational scientific or literary purposes, as well as those dedicated to the prevention of cruelty to children or animals
- Religious organizations
- Veterans groups
- Nonprofit volunteer fire companies
- Civil-defense organizations created at the federal, state or local levels
- Fraternal societies; if the donation is for charity
- Nonprofit cemeteries; if the funds are being donated for care of the cemetery as a whole, and not individual lots or crypts
With that many different categories, the possibilities for donations could be overwhelming.
If you want to donate and you’re looking for a good cause, you might consider Operation Homefront.
Quicken Loans partnered with Operation Homefront on Miles for Military: a campaign that reunites active-duty service members with their families. The two organizations are working together to provide flights for service members who otherwise wouldn’t be able to afford it. Through the partnership, over 400 round-trip plane tickets will be provided for active-duty service members and their families.
Donations are still being accepted to send even more service members home. To donate to this great cause, go here.
Operation Homefront also provides military families with necessities like food, repairs, vision care and essential home items.
The foundation also works with the Wounded Warrior program to provide short-term housing when disabled veterans are discharged and waiting for their Veterans Affairs benefits to kick in. In addition to a place to stay, this program provides counseling that includes support groups, briefings on veterans’ benefits, workshops and resume-writing classes.
For more information on Operation Homefront, visit OperationHomefront.net.
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