Still time: Tips to making charitable donations that can help you save on taxes
There's still time to make charitable donations that could help you save when it's time to file your 2020 taxes.
anyone making a list and checking it twice may want to add a charity. There's never been a more important year to give them 2020. And there's so many organizations in need, but you could do it and give and lower your taxes. In the process. Those tax advantages can be substantial. According to Caleb Silver of Investor PD, a IRS imposes caps on the total value of the charitable contributions that may be deductible for a taxpayer of around 50%. Sometimes it's a little bit more. Sometimes it's a little bit under, but it has to be toe a qualifying charitable organization under Section 1 70 C of the Internal Revenue Code, along with cash, Silver says it's often a good idea to donate stocks and other investment products. If you've gotten capital gains on that stock and you've held it for a long time by donating it, you reduce the capital gains taxes you might have to pay. If you kept it and sold it on. Instead of trading in that old car, it could be donated. You can get a tax write off for donating your car. If your car is worth more than $500 Silver stresses. It's important to keep good records for tax purposes. Many of the online tax businesses and even your online broker has a way of tracking your charitable donations so you can see how much you've given and how much it's gonna offset the income taxes you're gonna have to pay for the end of the year. A chance to help others and yourself. Dan Gentleman, NBC News.