Still feeling in the giving spirit? If you’re looking to donate to an organization or charity, the end of the year often ends up being a perfect time! Not only are there personal benefits, charitable donations also have potential tax benefits as well! Here are three quicks tips to help ensure your charitable donations are tax-deductible:

1. Make sure the organization you’re donating to is qualified. Donations to organizations that are considered qualified are eligible to be tax-deductible. If you are unsure if the organization or charity you’d like to donate to is qualified, request to view the organization’s determination letter, check their website, or search online here.
2. Get a receipt. For all donations, even cash, the amount must be verified by some sort of record such as a check duplicate or credit card receipt. The more information the better! It’s recommended that each donation over $250 have a written acknowledgment including the organization’s name, the amount of the donation, and the date on which the donation was received.
3. Watch the calendar. Donations are tax-deductible only in the year of the contribution. To make your donation count for this tax year, donations must be made by December 31st!

Want to know if a donation makes sense for your business before year-end? Interested in bookkeeping services for your private practice or small business needs? Request a free year-end consultation here!