#GivingTuesday

by Debby Winters

Today, November 28, 2017 is #GivingTuesday and the IRS reminds taxpayers looking to maximize their tax savings before the end of the year to consider charitable giving. Many taxpayers may already be planning to do so for #GivingTuesday. Giving money or goods to a tax-exempt charity before December 31 can usually be deducted on that year’s federal income tax return. 

This #GivingTuesday, IRS has tips to find tax-deductible options

  • Donating to disaster recovery efforts or a local shelter?
  • Want to know the special rules to get a tax deduction from donating cars, boats and other property?
  • Cash or non-cash year-end gifts to charity? What to know for a tax deduction on your IRS return.
  • IRA owners over age 70½ – want to know about a different way to give?
  • Hoping for a tax-deduction for your Giving Tuesday donation? Itemize or eFile your return

Taxpayers can use IRS Select Check tool before Donating on Giving Tuesday

Giving Tuesday is an annual event celebrated the week after Thanksgiving to kick off the season of charitable giving. Taxpayers making donations may be able to deduct them on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help.

Exempt Organizations Select Check on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.

Here are four facts about EO Select Check:

  • Donors can use it to confirm an organization is tax exempt and eligible to receive tax-deductible charitable contributions.
  • Users can find out if an organization had its tax-exempt status revoked. A common reason for this is that the organization did not file its Form 990 or notices annually as required.
  • EO Select Check does not list certain organizations that may be eligible to receive tax-deductible donations. This includes churches, organizations in a group ruling, and governmental entities.
  • An organization’s “doing business as” name is not searchable. Search using an organization’s legal name instead.

Taxpayers can also use the Interactive Tax Assistant, Can I Deduct my Charitable Contributions? to help determine if a charitable contribution is deductible.

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