Giving back to your community could also deliver you a financial boost. By making donating for tax purposes charitable contributions, you could be eligible for a tax deduction that can materially reduce your overall tax liability. To maximize your tax refund through charitable giving, consider these tips: * Donate to registered charities to ensure

Get a receipt or some type of published acknowledgement with the charity and retain a cancelled Look at or credit card receipt. Under the legislation, Exclusive recordkeeping guidelines apply to any taxpayer declaring a deduction to get a charitable contribution.   For contributions of food items inventory in 2020, business taxpayers could deduct