Ways to Give
Giving and Your Taxes
Together For Hope is a 501(c)(3) nonprofit organization, so your gifts are tax-deductible to the extent allowed by law. Here’s a short overview of how charitable gifts work at tax time, and a few ways to make your gift go further.
Whether or not you itemize
- If you itemize deductions. You can deduct gifts of cash and property to Together For Hope on your federal return. The IRS limits how much you can deduct in one year based on your income, and you can carry unused deductions forward to future years.
- If you take the standard deduction. Federal tax law lets people who don’t itemize deduct a limited amount of cash gifts to charities like Together For Hope. Gifts to donor-advised funds don’t qualify for this deduction, but gifts made directly to us do.
Ways to make your gift go further
Give from your IRA. If you are 70½ or older, a gift directly from your IRA is excluded from your taxable income.
- Give appreciated stock. You can avoid capital gains tax on shares that have grown in value.
- Combine several years of giving. Some donors give two or three years of gifts in a single year so they can itemize that year, often through a donor-advised fund.
- Plan around tax season. If you expect a refund, consider setting aside part of it for a gift. A gift made this year can reduce what you owe when you file next spring.
Keeping records
- The IRS requires a written acknowledgment for any single gift of $250 or more. We send an acknowledgment for every gift, so you’ll have what you need.
- When you receive something in return, such as an event ticket or meal, you can deduct only the amount above the value of what you received. We will tell you that value when you buy a ticket or sponsorship.
- For gifts of stock or other property, our acknowledgment describes what you gave. You determine its value for your tax return.
- For the current IRS rules and limits, see IRS Publication 526, Charitable Contributions.
Questions?
Natalie Aho, our Chief Development Officer, would be glad to help.
This information is general and is not tax or legal advice. Please talk with your tax or financial advisor about your situation.