Give a Little, Get a Little: 3 FAQs about Tax-Deductible Gifts
Good news: Your donation to Maple Farm Sanctuary may be tax deductible! You’re inspired to give because you want to provide lifelong homes for farmed animals, but did you know that you may also benefit financially from your generosity? Read on for three frequently asked questions about leveraging gifts to the Sanctuary to relieve a little of your tax burden.
1. When should I make my donation?
Timing is everything with taxes. If you want to write it off in 2017, then you’ll want to make your gift by December 31, 2017. According to Charity Navigator, the rules vary depending on the way that you make your donation: “Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card is made in a later year.”
2. I gave! How do I prove it?
You’re going to need more than just your word in order to write off your gift at the end of the year. Forbes Editor, tax attorney and self-labeled “Taxgirl” Kelly Phillips Erb suggests that you always ask for a receipt, whether you’re donating via credit card, cash or check. She goes on: “You don’t have to submit documentation along with your tax return but you need to be prepared to provide it at audit.”
At Maple Farm Sanctuary, we’re happy to help out — in fact, if you donate $20 or more online, whether through our website or through GoFundMe, you’ll receive an acknowledgement letter in the mail. If you have a question about your receipt, an answer is just an email to giving@maplefarmsanctuary.org away.
3. How do I get my tax deduction?
According to the IRS, you’ll need to itemize deductions on Form 1040, Schedule A in order to deduct your charitable contributions from your taxes. This video from TurboTax offers more insight into how to deduct your charitable contributions, and a certified accountant or tax professional will be able to answer your specific questions about donating.
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