Do charity to get tax write-offs this Easter
Do charity to get tax write-offs this Easter

It is time to file taxes and get prepared for Easter as well. This is the busiest time of the year as you have to complete the tax task while getting prepared for the Easter.

Also, this is right time when you should gear up to get the tax write-offs.

Charitable giving can be a wise investment that ensures a tax benefit.

You should make the charitable donations during the pre-Easter time. Making charitable donation on Easter can be more beneficial. Why? Because to get the charitable tax credit, you have to make the donation to a cause. And Easter can give you the golden opportunity to make a charity donation.

Make sure you make the charity on the 501(c)(3) status.

What kind of charitable donations can you make on Easter to get tax write-offs? Here you go:

1. Donate Easter baskets for the kids

You can donate Easter baskets for the kids who are needy and stay in shelters. Many kids are surviving in the local hospitals, domestic violence shelters, and youth shelters. You can buy useful supplies for them and donate.

The cost of buying the supplies for needy children is tax deductible.

2. Donate food to your local food banks

There are many families who are homeless and starving. Some food banks work really hard to manage food for them. Some churches and communities also have food pantries. Many poor people visit the churches to get their food.

So, you can donate food item; the cost of the items donated is deductible.

Make sure you keep the acknowledgment of the items from the organizations or churches.

3. Donate a car to a charitable organization

You can donate your car that you don’t want to keep anymore. Some people can’t sell their car due to many reasons; so, in that case, they can donate their car to an organization.

Make sure you get the qualified appraisal from the charity organization regarding the donation.

Thus, you will be able to claim the amount for tax purposes.

4. Donate money

You can also donate money during the Easter time to get the tax write-off. However, you need to keep the record of your donation.

Ask for the written documentation from the organization to whom you donate money.

5. Donate to your local church

You can visit your local church to make charitable donations. Even if you are not religious, you can make a donation; a church value people who donate for the people.

You can also get contacts of community groups, who need charitable donations, from your local church.

6. Visit the health organizations

Many health organizations offer free health check-up and also provide medicines and infant formula to the needy people.

You can donate free milk, fresh fruits, vegetables, infant formula, and vitamins under the Healthy Start scheme to such health organizations to help the needy people.

This kind of donation also helps to earn the tax credit.

Who can get tax benefit?

A taxpayer who makes a cash contribution can claim an income tax credit of 50% of the total contribution.

The organizations as well as individual donors can get the tax benefit by making charitable donations.

However, the tax credit will not exceed $100,000 per year.

It is recommended that you talk to your tax advisor to get the advice about how the charitable donations can help you to get the tax benefit.

Lastly, arranging an Easter egg hunt event for the kids, who are homeless, abandoned, and stay in a shelter, can be a great idea. Purchase eggs and buckets from the dollar store. Involve the kids in decorating the buskets. You can rent the baskets as well. Hide the eggs and ask the kids to search. They will love the game.

Make sure you keep the receipts to get the tax write-offs for arranging the egg hunt event for the underprivileged children.

Easter is the great time to jumpstart your saving. Your charitable donations can help you to get a good tax refund.

However, you shouldn’t waste the tax refund by spending meaninglessly.

Try to save the refund so that you can achieve one of your short-term financial goals easily.

How can you use the tax refund wisely?

A good tax refund gives you some golden opportunities to improve your financial situation. You shouldn’t spend the entire amount on something that is not worthy. Here’s how you can use the tax refund wisely:

  • Use the tax refund to pay off your credit card debt. You can also pay off some of your student loans or mortgage debts.
  • You can use the tax refund to make investments.
  • If you are planning to start a business, then use the tax refund to get started. It will help you to avoid taking out huge business loan.
  • Save the tax refund into a 525 college savings plan.
  • Don’t take out a personal loan to renovate your home; use the tax refund.
  • If you don’t have an emergency fund, then use the tax refund to get started.
  • The tax refund can also help you to start a retirement fund.
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