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Tax deductions

Donations you make to U.S. registered charities may help reduce your income tax. Our governments grant important fiscal advantages in the form of non refundable tax credits.

If you itemize your deductions, you get to deduct your charitable contributions. You'll itemize only if the total of your itemized deductions is greater than your standard deduction.


Each dollar you contribute gives you a tax benefit equal to your marginal tax bracket.

Normally, you get a deduction in the year you make the contribution. That's normally when you mail the check. Any excess contributions can be carried forward for the next five years.

A donation made on a credit card, is deductible in the year of the charge, even if the actual payment on the card insn't made until the next year. Be sure to keep records of the donation both from the credit card company and the charity.

No receipt means no deduction. So always ask for a receipt.

Since the rules governing the tax deductions are complicated and subject to change, check with the IRS or consult a tax adviser.