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2022 Tax Planning Guide
Charitable Contributions
Donations of goods to charity are valued at their market value at the time of donation. You can't claim the price you paid for the item.
Remember all donations of goods with a market value greater than $250 must have a receipt from the charity.
If you don’t itemize because your deductions are less than the standard deduction you might consider accelerating or bunching contributions for several years.
For example, if you give $10,000 per year to a charity, bunch three years of contributions—$30,000—into one year instead, then itemize the deduction on your tax return. Take the standard deduction in the other two years.
When donating to charity, ensure the charity is qualified by searching the IRS database. Only donations qualified by the IRS are eligible for tax deductions.
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