…in this world nothing can be said to be certain, except death and taxes.
It’s 4Q 2017, and as our fiscal year-end approaches, our thoughts turn to filing taxes. Again. Taxes are an unavoidable part of our lives, no matter whether you’re a DIY (do-it-yourself) tax-filer or employ a professional to “do the math.”
When You Give . . . You Receive, Too
All of us recognize the mitzvah with which we are commanded and the blessings we realize as a result of our charity. But there are also tax benefits of giving, and the reality is, most of us could use a good tax deduction! Here’s how it works:
- A donation made in 2017 is deductible on your 2017 taxes if it is postmarked or made before December 31, 2017.
- Always get a receipt from Goodwill, etc. If you claim more than $500, your receipt must be accompanied by an appraisal of your donated clothes/household items’ condition and value.
- If you donate more than $250 to a charitable organization, you must be able to prove you:
- Didn’t receive any goods or services for the donation.
- Made the donation.
- Not all organizations, even though tax-exempt, qualify for charitable tax deductions. Make sure your charitable organization recipient qualifies for a tax deduction.
- You must itemize your deductions to claim a charitable deduction, and your total should be more than the standard tax deduction.
- Your deduction amount is unlimited. If you donate more than 50% of your adjusted gross income, you can carry the excess donation’s tax deduction into the following five years.
Providing Traditional Jewish Foods for Worship
Whether you donate because you identify with and feel a part of Chicago’s Jewish community or because you are commanded to do so, your financial support allows our less fortunate neighbors to observe Jewish holidays and worship at home with dignity and thanksgiving. Maot Chitim is a 501(c)3 non-profit organization, so your donation is tax-deductible. You can donate by cash, check, or credit card. Many companies have a matching gifts program, which means your donation is doubled!