Being a part of a charitable cause helps promote the greater good and can also make the donor feel good about themselves. Apart from the good vibes, it comes with another advantage, i.e., tax benefits. However, before filing tax returns, there are certain guidelines you shouldn’t overlook. Read further to know how you can make the most of your philanthropic endeavors.
- Itemize to claim the contribution
To claim a tax deduction for charitable donations, you need to itemize the contributions on tax return’s Schedule A, using the form 1040. You can file taxes with the help of an accountant or by yourself using a computer software. - Contribute to a qualified tax-exempt charity
Typically, charities need to have a 501(c)(3) status to qualify as non-profit organizations such as educational institutions, hospitals, certain government agencies, and humanitarian foundations. However, establishments such as churches or other forms of religious entities are not mandated to acquire a 501(c)(3) status from the Internal Revenue System. - Collect the receipts
To claim tax benefits, it is imperative that you save the receipts and appraisal letters from the charitable organizations. Moreover, if the donation made to the charity exceeds $5000, then you need to get a professional assessment done in order to claim the tax deductions.
Claims excluded as tax deductions under charitable donations
Some contributions stated below can’t be used to file tax deductions –
- Donations made to individual people
- Donations made to political campaigns, political parties or committees
- Donations made to business organizations or labor unions
- Donations made to schools and hospitals which aren’t NPOs (non-profit organizations)
- Donations made to the governments of foreign nations
Limits on charitable donations
The IRS has levied certain limits on the amount of tax benefits one can claim using charitable donations. Typically, your claims of charitable contributions shouldn’t exceed 50% of the adjusted gross income. In some cases, depending on the type of contribution made, such as a property, the limit on the tax benefit can be further reduced to anywhere between 20% and 30%. If your charitable donations are more than the prescribed limit, then the surplus amount will be moved to the next year’s tax filing season, so that you can claim your benefits then.
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How You Can Maximize Your Savings with Toothpaste Coupons
Read moreCouponing is an art that needs a lot of practice. Collecting them is not a problem; however, using them the right way is what is going to make all the difference to your savings. When you understand how to use coupons you can save a lot of money and enjoy quality products too.
A toothpaste is something that every single person needs. It is an essential item that must be there in every household. Coupons can be quite beneficial for saving and getting discounts on toothpaste. With the help of toothpaste coupons, you can save quite a few dollars on your favorite brand of toothpaste. If you do not mind using any brand, it is likely that you will save more.
Where can you find coupons online?
Most stores offer different coupons on their website and stores. Hence, you must check them out separately. Here is a list of websites that offer you toothpaste coupons.
Walgreens
This website has the most number of toothpaste coupons. It has 146 toothpaste coupons! There are coupons of about $1.50 available on Tom’s of Maine Antiplaque and Whitening Peppermint Toothpaste. It has coupons for a wide range of toothpaste. Some of these brands include ACT, Colgate, Crest, and Aquafresh.
The Krazy Coupon Lady
This website offers coupons that are updated on an hourly basis. There are chances you will find your toothpaste coupons here. At present, there is about $1.00 off on Colgate Optic White Toothpaste via the app. Another coupon can be found on Colgate Enamel Health Toothpaste 3 oz or larger.
Target
This is one website where you can find all types of items that you need. There are coupons for a large number of products. This website has a manufacturer coupon of about $0.50 on any Colgate Toothpaste that is 3 oz or larger. You can easily redeem this offer at any Target outlet and save on Colgate toothpaste.
Colgate Total
This is the official website of Colgate. It offers you coupons worth $7 when you sign up. This can help you save quite some money with the help of coupons! If you use Colgate toothpaste then you should definitely visit this website for coupons.
Other websites that you can consider are Walmart, Coupons, Amazon, Winn Dixie, Coupon Mom, Sensodyne, PG Everyday, and H.E.B. Remember that deals are updated regularly so you should keep checking websites for the latest toothpaste coupon deals.
Some tips to help you with couponing
You can use the following tips to help you with couponing:
– To maximize your savings, use a coupon during a sale. This gives you a double discount on the product you are buying and leads to bigger savings overall.
– Don’t buy an item just because you have a coupon with you. Having a coupon does not mean you must use it. If the lowered price is close to the actual price, it is not worth it.
– You should be organized for better use of coupons. Sort them out according to their expiration dates. This will enable you to be in control of when to use a coupon.
– Not everyone uses coupons. Ask your family members, relatives or friends if they have coupons. It might be helpful as you might save a few extra bucks.
– Be aware that coupons are available from many sources. You can get coupons from store’s flyers too. Constantly collect coupons if you truly are looking for huge discounts.
– Print online coupons only when you require. Don’t print out as many as you find to end up throwing them in the trash in the end.If you are short of money, then do not become brand specific. If you are getting discounts on other brands then just buy those items. This will help you save and still have a product.
Use toothpaste coupons and save more money!
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Getting a closer look at health insurance policy
Read moreWhile many of us strive to put aside some small portion of our earnings into a savings account or investment of some kind, a portion of financial planning that we tend to neglect is an insurance policy. Often, it might seem like a waste of money to pay out a premium year on year towards something that you do not immediately see the benefit of. However, obtaining several life insurance quotes and deciding on a suitable life insurance policy is essential for many reasons.
While life insurance is not about assigning a monetary value to someone’s life but life insurance planning can provide some degree of financial support to one’s family in the event of one’s sudden demise.
It is important to understand that more than being an investment that yields tangible returns on investments, life insurance must be understood as a risk management tool and must be treated as such. There are several plans that combine life insurance with mutual fund investments but these may be considered as a separate entity.
While the higher end life insurance premiums are surely expensive, you would find that opting even for a basic life insurance plan would not make a significant dent in your income, but would return considerably high death benefits to your beneficiaries. An added benefit to most life insurance policies is that they provide some degree of tax deductibility up to exempted levels.
Also, while there are any number of options available to get a life insurance quote online, including no exam quotes, it is always better to meet your insurance agent in person, and request his or her guidance in walking you through the nitty gritty of the policy you wish to take so that you are fully aware of what the specific policy covers and what your family or beneficiaries are entitled to receiving. You can always compare different life insurance policies and also check for life insurance no medical exam policies.