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Rightly so, you may have been driven to help out those fire survivors by giving through qualified organizations.
Tax Deductions
Tax bills can get a little convoluted went it comes to navigating standard deductions.
Lets start with a basic question about donations: Are they tax-deductible gifts?
When it comes to your federal tax return, you could deduct contributions to qualified tax-exempt charities.
However, keep in mind that donations to individuals are never deductible when it comes to your taxes.
So, if you gave money directly to someone in need, you wouldnt be able to claim it.
In other words, keep in mind how much of your donation is deductible.
Other Options
You might be able to use some other options to help fire survivors.
You could check out payroll deductions available from your employer.
You might also look at options to give from your retirement assets, such as qualified charitable distributions.
If you plan to deduct your contributions, keep the receipts.
Itll help you come tax time, because you must itemize your deductions to claim them on your return.
Caitlyn Moorheadcontributed to the reporting for this article.
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