How Charitable Giving Can Lower Your Tax Bill

Giving to charity isn’t just good for the community—it can also benefit your wallet. Here’s how:

Tax Deductions: Donate to qualified charities and itemize your return to deduct the value.

Variety of Gifts: Cash, goods, and appreciated assets (like stocks or real estate) may all be deductible.

Deduction Limits: Cash gifts are usually deductible up to 60% of your AGI; appreciated assets up to 30%.

Noncash Gifts: Donations over $500 need documentation—sometimes even an appraisal.

Timing Matters: Donations must be made by December 31 to count for that tax year.

Smart charitable giving can help reduce your tax burden while doing good.

Want to maximize your deductions? Contact Jennifer Walker, EA at Walker Tax Relief—Northville’s only Certified Tax Resolution Specialist—at 248-983-4TAX or yourfriends@walkertaxrelief.com. Let’s make generosity work in your favor.