Year-End Tax-Deductible Donations: What You Need to Know for 2024

Tips & Tidbits
As the year draws to a close, savvy taxpayers are looking for ways to minimize their tax burden and maximize their charitable impact. Year-end tax-deductible donations offer a win-win solution, allowing you to support essential causes while reducing your taxable income. 
 
This guide will help you navigate your year-end giving to optimize your tax savings and help people, pets, and the planet through Greater Good Charities.
 

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What are Tax-Deductible Donations and How Much Can You Deduct?

A tax-deductible donation is a contribution of money or goods to a qualified 501(c)(3) organization that can be subtracted from your taxable income. Generally, you can deduct up to 50% of your adjusted gross income, though limitations apply in some cases.  

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Are donations to Greater Good Charities 100% tax deductible?

Greater Good Charities is a recognized 501(C)(3) charitable organization. Donations are 100% tax-deductible.

How can I make donations?

While traditional cash and check donations are most immediate, there are additional ways you can contribute to Greater Good Charities to maximize your tax benefits.

  • Employer Matching: Double your impact by leveraging your employer's matching program for your Greater Good Charities donation. 
  • Donor-Advised Funds: Gain flexibility and tax advantages by establishing a donor-advised fund. 
  • Stocks and Cryptocurrency: Donate appreciated stocks or cryptocurrency to avoid capital gains taxes. 
  • Vehicle Donations: Give your used car or vehicle a second life while claiming a tax deduction. 
  • Monthly Donations: Spread your giving to Greater Good Charities throughout the year by making a monthly donation and enjoy consistent tax benefits. 

What are the IRS Rules for Year-End Giving?

To be able to deduct a monetary donation, you must ensure you have proper documentation.  

  • Cash Donations: Bank statements or receipts suffice for most contributions. 
  • Non-Cash Donations: For donations exceeding $250, obtain a written acknowledgment from Greater Good Charities with details about the value of the goods and services received. 
  • Donated Items Over $500: Form 8283 and an appraisal are required for deductions at this level.

Can I Make a Tax-Deduction for Volunteering?

While the IRS doesn't allow deductions for your time, expenses related to volunteering can be claimed.

  • Mileage to and from volunteer events and donation sites. 
  • Costs incurred for materials or supplies used during volunteering.

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What is the last day to make charitable contributions?

Make sure your Greater Good Charities donations count for the 2024 tax year.

  • Web Donations: Submit your contribution by 11:59 PM ET on December 31. 
  • Mail Donations: Ensure your donation is postmarked by December 31.
  • Stock: The day the broker transfers the gift to the charity. 
  • Option: The day the option is exercised by the charity.

By following these guidelines and staying informed about IRS regulations, you can make your year-end donations a powerful tool for both tax savings and charitable impact to Greater Good Charities. 

Note: This is not legal or financial advice. Individual situations may vary. We recommend consulting with a financial advisor or tax preparer before filing taxes.