It pays off being generous. Not only are you giving back, but in some instances, you can also get a tax write-off. Today, I'm gonna teach you what qualifies for a charitable tax deduction and what doesn't. The following organizations are tax-exempt, which generally are tax-deductible: churches, synagogues, temples, mosques, and other religious organizations; federal, state, and local governments; nonprofit schools and hospitals; war veteran groups; expenses you paid for a student living with you who is sponsored by a qualified organization; and out-of-pocket expenses for serving as a volunteer for a qualified organization. Other organizations that are tax-deductible are the Salvation Army, American national Red Cross, Care Goodwill Industries, United Way, Boy Scouts of America, Girl Scouts of America, Boys & Girls Clubs of America, and others. Those are just to name a few. Now, let's talk about some causes that are definitely worthy of your donation, but are not tax-exempt. These include civic leagues, social and sports clubs, groups that run for personal profit, groups that lobby for law changes, homeowners associations, political groups or candidates running for public office, dues, fees, or bills you pay to country clubs, lodges, fraternal orders, or similar groups, and the tuition and value of blood given to a blood bank. Did you learn something? If so, please subscribe to this channel. We make videos every single week, and we would love for you to be a part of this journey. Thank you and happy taxes! Music.
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Video instructions and help with filling out and completing Which Form 8854 Charities
