What deductions can I claim for donating to charity?

In California, if you donate to a charitable organization, you may be eligible for tax deductions. The type of deduction you receive depends on the type of charity to which you donate. The Internal Revenue Service (IRS) has a list of approved organizations that qualify for deductions, so make sure to check before donating. For example, if you give cash to a qualified charity, you can take a deduction of up to 50% of your adjusted gross income (AGI). If you donate tangible items like clothing, furniture, or vehicles, you may be able to deduct the fair market value of the items. But, to get the full deduction, you must be able to prove that the items were in good condition when you donated them. Some other deductions for donating to charity include deductions for sponsored activities and special fundraising events. For example, if you sponsor a 5K run for charity, you can deduct the cost of hosting the event. This can include things like equipment, food, and volunteer materials. If you donate to a qualified charity, make sure to keep records of all transactions. This includes copies of the donation checks, acknowledgment letters, and receipts or invoices. These records will be important when filing your taxes to ensure you receive the full deduction you’re due.

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What deductions can I claim for donating to charity?

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