
Save Big On Taxes With Charity-Related Donations
When doing your taxes, one of the deductions most overlooked are charitable contributions. You can deduct a maximum of up to 50% of your adjusted gross income (AGI) on Line 36 on IRS Form 1040 for the tax year in which the donation was given. If you find yourself with more than 50% in one given year, the excess may be carried over for up to five years. If you don’t think you give large amounts to charity, think again. Throughout the year, all those little donations can add up