With the season of giving just around the corner, many people are figuring out how they can donate and otherwise support the less fortunate. Plus, doing so may qualify you for tax deductions or increase your tax returns. Here’s how to claim your donations to charities on your return.

3 Tips to Get Holiday Donation Deductions on Tax Returns

1. Donate to the Right Charity

Unfortunately, not all charities are recognized by the IRS and eligible for donation deductions. Before donating, find out if the organization is qualified for tax exemptions with a 501(c)(3) status recognized by the government. However, religious organizations, churches, war veterans’ organizations, volunteer fire departments, and similar charities do not need to have a 501(c)(3). If you’re unsure, ask the organization itself.

2. Give Money or Physical Property

Volunteering does not earn you tax deductions. To qualify for a tax break, you’ll need to contribute either money or physical goods. If you choose to donate money, keep a record of the amount you donate and ask for a receipt. If donating goods or property, make a detailed list of the items noting their condition. Items must be in good, working condition to qualify for deductions on your tax return. When you drop the items off, ask the organization for a receipt and include it with your tax filing.

3. Note the Date of All Donations

Only donations made during the tax year by Dec. 31 are eligible for deductions. If you donate on or after Jan. 1, 2019 before the tax deadline, those donations will count for next year’s tax filing. If you charge on a credit card and it takes time to process or write a check that does not get deposited until the New Year, the donation is still applicable for the previous year.

If you need help compiling and filing your charitable donation deductions for your tax return, turn to the experts at Tudor Wilson & Associates CPAs, LLC, in Honolulu, HI. With almost 20 years of experience, they’ll make sure you get the most out of your tax refund whether you’re claiming charitable donations or business expenses from the year. Learn more about their services online, and call (808) 592-2000 to schedule a free consultation with an experienced accountant today.