Herein lies the problem: if people aren't itemizing their deductions, they're less likely to donate to charity because they don't get the credit for their donation. It's a sad reality that charities and nonprofits have experienced these last couple of years.
Maybe you recognize that you're included in this. You already know that you're not going to itemize your deductions for 2019. That's okay. Why? Because there are still other reasons to make a tax-deductible donation, and they have nothing to do with taxes.
Just because you don't see your donations make a difference on your taxes doesn't mean they're not making a difference. When you donate to Idaho Youth Ranch Thrift Stores, you're contributing to the futures of the youth of Idaho- and that means something. There are kids in your community that are helped by your donations. Whether you physically see it for yourself or not, your donations make a huge difference.
Psychologically, there is something that happens to you when you do something selfless. It's a good kind of pride. You've done something worth being proud of, and we need more of that in this world.
Children are like sponges, soaking up information, and learning from the world around them - including you, their parent. Knowing this, why not do something selfless in front of them, or better yet, include them! Go through your closets together and see what they are willing to donate. They may surprise you.
Donating isn't just about giving of your things. It can be a donation of time, too! At Idaho Youth Ranch, we're always looking for volunteers. We can always use volunteers to fill roles such as:
The ability to claim tax benefits from donations hasn't gone away completely. Before the tax reform happened, you may have chosen not to max your tax-deductible contributions if you knew the overall limit meant you couldn't get full credit for them. Now you can do so if you choose.
Another benefit of the tax reform is that you can now deduct cash contributions of up to 60% of your adjusted gross income, whereas before, it was 50%.
To get a charitable donation deduction, you must file Form 1040 and itemize your deductions on Schedule A. This will allow you to lower your taxable income for donations or gifts to qualified, tax-exempt organizations such as Idaho Youth Ranch. We suggest talking with your dedicated tax specialist to learn more about which deductions you can get.
At Idaho Youth Ranch, we provide a few different ways that you can give. Learn more about these by visiting our Ways to Give page!
NOTE: This does not constitute tax advice. Questions about tax implications should be directed to your tax professional.