Industry News

Follow IRS rules to ensure you receive your charitable tax deductions

Feb 22, 2018 | News

Donating to charity can reduce your taxable estate and benefit your favorite organizations. By making donations during your lifetime, you can claim income tax deductions. For your donations to be deductible, they must meet certain IRS criteria. For example, contributions generally are deductible only in the tax year they’re made: If you pledged $5,000 in October 2017 but paid only $1,500 of your pledge by Dec. 31, 2017, you’re allowed to deduct only the $1,500 amount on your 2017 tax return. Contact us to learn more about the ins and outs of charitable deductions.