Giving to charity is the gift that keeps on giving. Especially when the tax-man comes knocking.
It's the season of giving and what better way to spread holiday cheer than to give to your favorite charity? If you are so generous this holiday season, you might be in for a tax break, but you need to follow some steps to make sure you get credit.
If you take the standard deduction when filing your taxes, you won't get any credit for your charitable donations. Keep a receipt and make sure you itemize your expenses on schedule A.
Keep in mind that if you want to benefit on the upcoming tax season, you have to make your donation by December 31st. Any donations made after December 31st will have to wait all the way until the next year's tax season.
Finally make sure the charity counts towards your taxes. Only donations to IRS-qualified charities can be deducted.