Charity - itemization

[edtaylor51]

I was going through some receipts earlier and ran into a couple of items purchased for the Giving Tree at our local parish. It made made me pause, should I keep this receipt for tax purposes? Usually I do not bother itemizing anything, but my family’s tax situation changed in 2018, so itemization may make sense for the first time (assuming we do not take the standard deduction).

BUT…if you are only giving to charity for the tax break, doesn’t that diminish the act a bit? I’m not, as the though only now occurred to me, but still…

So do you itemize your charitable donations?

 

[DarkLight]

Are you giving for the purpose of the deduction, or is it a nice thing that comes after? I don’t think the fact that it just happens to have a deduction associated makes that the reason.

 

[1ke]

It made made me pause, should I keep this receipt for tax purposes?

You should consult a tax professional on whether or not that sort of item is tax-deductible.

BUT…if you are only giving to charity for the tax break, doesn’t that diminish the act a bit?

I’m sure you will get many opinions on this, and that is all they are – opinions. There is nothing in church teaching that says we cannot minimize our taxable income by all legal means, including charitable deductions. The church encourages charitable giving. And the church provides tax statements as required by law. The church takes advantage of nonprofit status, for sales tax exemption purposes, and other benefits.

So do you itemize your charitable donations?

I do when itemizing yields a better result than the standard deduction as to taxes owed.

 

[Irishmom2]

Not when I donate to Goodwill by means of items, or food banks ( food items or cash) or other small donations. I think the only one we use is from church donations.

I do feel like if I were to get a receipt for everything it is not truly charity.
And for anyone that is going to ask why I do it for church: until I moved to a church that sent out a yearly statement, we didn’t. It never occured to me to do so until then. I figure if the church is sending out the statement, they must think it’s okay.

 

[SuscipeMeDomine]

If the government thinks that donating to charity is something they want to encourage, why not take advantage of it?

I don’t think anyone donates only because of the possible tax deduction. You donate because you support the particular cause and want to help them move forward.

 

[edtaylor51]

It never occured to me to do so until then.

That’s where I am right now. It never mattered before, we have been very blessed this year such that itemization might actually make a difference.

Just to be clear, I’m not bashing deducting charitable donations, I think it’d a good tax policy. This was just a realization I had and the thoughts that occurred immediately after

 

[guanophore]

So do you itemize your charitable donations?

Yes, I do, and I save the receipts because I was audited once and realize how important they are. I also buy food at the case sales and donate it, so save the receipts for those also.

I think you are right, donating just for the tax deduction does not perfect one in holiness when done only for a tax break. That being said, corporations that do donate for this reason (or to improve their public image) still do benefit society as a whole, which is a good work.

 

[Mtatum1958]

Yes, as long as itemization is beneficial, I do, and save receipts for donations. I owe it to my country to not pay more than required. Some items are difficult to document such as food donations or buying items and then donating (like Christmas giving trees, ets.) so I don’t claim these.

Donating for the sole purpose may not be the most charitable reason, but good is still done.

 

[jvickers]

We itemize everything, including medical. It’s just a nice thing that we can itemize our charitable donations. Even if we could not, we’d still give. There is no way we get back in tax deductions as what we donate, so it’s not really a matter of money. As I said, it’s just a nice extra.

 

[Dr_Meinheimer]

I don’t view charitable deductions any differently than any other. I am able to get a deduction for my children, and have no compunction about taking it. I didn’t have the children to get the deduction. likewise, I deduct charitable contributions. I don’t give to charity to get the deductions, but feel no issue with taking advantage.

I also get why some do not, and understand that.

 

[TheLittleLady]

Pre-Catholic, I remember one pastor I had (he was VERY health & wealth/prosperity gospel) who taught from the pulpit that it was sinful to deduct tithes/offerings to the church. Had not remembered that until this thread. Wow, blast from the past.

 

[Convert3]

I deduct my charitable donations. Those of us that can deduct are able to give more because of less tax liability. For every dollar I donate, I save about 24 cents. I give because I want to. I can give more because of the tax benefit.

 

[Mtatum1958]

Wow, really. Do you remember the rational behind that? Just curious because that seems foreign to me.

 

[TheLittleLady]

I remember that it caused several people to “stand up” and “come forward” pledging that they would no longer take an annual statement for their giving.

The idea was tied to Matthew 6, when you give alms let it be done in secret.

 

[Convert3]

Now that you mention it, I remember hearing that once before too.

 

[Crocus]

The idea was tied to Matthew 6, when you give alms let it be done in secret.

My tax returns are secret, so I don’t see that that applies. Surprised only person posting here mentioned taking tax refunds makes it possible to give more in donations.

I knew of a small businessman who calculated his donations very carefully, so that he gave the maximum allowed under deductible. As a result he paid no taxes.

 

[TheLittleLady]

As the new laws take effect, they will not have the ability to give until the taxes are gone

Charities, churches are already feeling the pinch!

 

[JanetF]

I don’t view charitable deductions any differently than any other. I am able to get a deduction for my children, and have no compunction about taking it. I didn’t have the children to get the deduction. likewise, I deduct charitable contributions. I don’t give to charity to get the deductions, but feel no issue with taking advantage

This is my thinking as well.