|Published:||Dec 30, 2010 1:40 PM EST|
|Updated:||Dec 30, 2010 10:29 AM EST|
LEE COUNTY, Fla.-- Many people like to get the new year started on the right foot. You want to unclutter your life and give to those in need. If you want those donations to count towards deductions for your 2010 tax return, time is running out.
Your donation to a qualified charity is deductible the same year in which is what made.
Qualified organizations include those with the 501(c)(3) designation. Tax deductions are not allowed for donations to an individual, a foreign government, foreign charities and certain private foundations.
For most of us, there are no limits on charitable giving. Limits are only a factor if you contribute more than 20% of your adjusted gross income to charities.
The IRS stipulates that any non-cash donation must be in good condition or better in order to qualify for a deduction. For property owned more than a year, the deduction is usually equal to the property's fair market value. When given a receipt for a donation, the value will be left blank. The charitable organization can not determine the value of the item. You may want to contact a tax professional for help when tallying up deductions.
If you do a lot of volunteer work, your time spent is not considered tax deductible, but you can deduct your out-of-pocket expenses such as mileage.