You May Be Entitled to a Tax Deduction If You Make Charitable Donations

HNW Elder Law, Estate Administration and Probate, Estate Planning

Fredrick P. Niemann, Esq., a NJ Estate Planning & Tax Law Attorney

As some of you may be aware, the IRS allows tax deductions to be made for certain charitable contributions. Unfortunately, the government has made this a somewhat complicated area, resulting in many confused individuals who are eligible for a tax deduction not claiming it. This may be because they are unsure if they meet the requirements or even simply because they do not know what to do in order to receive their deduction. A knowledgeable tax law attorney can assist you in making sure your charitable contributions qualify for a deduction.

The IRS rules are very specific. In order to receive the deduction, you must meet all of the requirements. While the specifics should undoubtedly be discussed with an attorney to assure you meet the criteria, some of the basics rules are easy to understand. First, your donation must be to a qualified organization that the IRS has approved. Donations to individuals and unapproved organizations do not qualify for the deduction. Second, your donation cannot exceed a certain percentage of your adjusted gross income. This amount is determined based on what you are donating, what type of organization you are giving it to and other factors. Your donation must also be in a permitted form. The IRS allows cash, property, gifts, and contributions to be deductible. You must be sure to value your cash, property, or contribution properly, usually using a fair market value standard. You must also have records to back up your donation. Finally, it is important to report your donation appropriately on your tax return. Depending on the value of your donation, a different section of your tax return must be filled out and possibly additional records must be attached. These are just some of the basic requirements that the IRS has mandated you follow in order to receive a tax deduction for your charitable contribution.

Receiving an estate tax deduction can be complicated. If you have donated to charity and want to make sure you appropriately file for your deduction or if you are seeking to make a charitable donation but want to make sure your donation will qualify for a tax deduction, please call Fredrick P. Niemann, Esq. today. Mr. Niemann is experienced in charitable donations and would be happy to help you. He can be reached toll-free at 888-800-7442 or by email at He looks forward to speaking with you.

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