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    What You Need to Know About Tax Donations

    Have you by any chance heard about tax deductible donation Singapore? If not, there is no reason to panic since you’ve definitely come to the right place. In a nutshell, tax deductible donations are contributions of money or goods to a tax-exempt organization such as a charity. The good thing about a donation tax deductible is that itcan reduce taxable income.

    Toclaim tax deductible donations on your taxes, you must itemize on your tax return. In most cases you can deduct up to 60 % of your adjusted gross income via charitable donations. However, you might be limited to 20%, 30%, or 50% depending on the type of contribution and the organization.

    Keep in mindtax deductible donation Singaporemust meet certain guidelines or you won’t get the extra cash to accompany your good deed. For this reason, you should make it the norm to track your tax-deductible donations, no matter the amount. If you made a monetary contribution, qualifying documentation includes a bank statement, a credit card statement, and a receipt from the charity including the date, amount, and name of the organization or a cancelled check.

    For those who contribute to an automatic deduction from your pay check through employer, take it upon yourself tokeep copies of pay stubs showing the amount and date of your donation. You also need additional documentation in circumstances such as cash and property donations.

    It doesn’t end at that since yourcharitable donation qualifies for a tax deduction if it goes to a tax-exempt organization. Such charitable organizations include religious organizations, the Red Cross, non-profit educational agencies, museums, and volunteer fire companies, to name a few.

    Anorganization can be non-profit without 501(c) (3) status, which can make it difficult to ensure your preferred charity counts. Always verify an organizations status before deciding on anything. Additionally, ask the charity how much of your contribution will be tax deductible before you donate. So, make sure you keep researching on different charity organization so you can get the right one.

    The above are few things among many that you need to know before tax deductible donation Singapore. Never should you fall into the hands of scammers as you risk ending up losing your hard-earned money. Instead, spend your precious time and effort researching more about tax deductible donation Singapore and how to go about it.

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