Some Tips on Qualified Deductions from USA Today
I’ve written before about how tax deductions for donating time but I generally try to stay away from legal and tax issues (I’m no lawyer or accountant). But here’s a great article from USA Today with points on deductions and taxes that most people don’t realize:
In recent years, though, lawmakers have become increasingly concerned that donors exaggerate the value of their gifts, at taxpayers’ expense. That has led to tougher rules for everything from used-car donations to church offerings. Read more…
If you’re using tax deductions as a way to entice donors (are tax deductions the first thing on donors’ minds?), you should be completely transparent. If you’re trying to pull the wool over their eyes to get a quick donation, you’re risking your brand—which is probably worth a lot more than that one donation.