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Tax time is one that many people across the country dread. However, they may not realize that there are things they can do now, to increase their refund (or reduce the amount they have to pay) in April. While it is a good idea to speak with professional tax filing services in Jersey City to know exactly what to do, in many cases a charitable donation will help reduce a person’s tax responsibility.
Find a Qualifying Organization
One of the first things a person needs to do if they want to make a donation that will be taken off their taxes, is to find a qualifying organization. Not all groups are legit and as a result, they won’t qualify as being tax-exempt. The majority of charitable foundations, funds, trusts, churches, war veterans groups and other nonprofit educational entities and religious organizations qualify. It is a good idea to do some research by visiting the list provided by the IRS, or by working with professional tax filing services in Jersey City.
Get a Receipt for the Donation Made
Once you have found a legitimate organization to donate to, you need to make sure that you get a receipt for the donation you make. It doesn’t matter if you make a cash donation or a donation of goods. If you don’t get a receipt, you won’t get the credit for it.
As you can see, there are effective ways to reduce your tax liability. To learn more about what will qualify, work with professional tax filing services in Jersey City.
Find out more about charitable donations by visiting the WorkMyTaxes website.