Thanksgiving to New Year’s is a time for holiday generosity and tax-minimizing thrift. Last year, about 25 percent of the Ohioans who filed federal individual tax returns claimed tax deductions for charitable donations, to the tune of $4.7 billion.
Individuals have some basic rules to follow to claim the tax savings, but they’re not alone. Charitable organizations benefiting from the generosity and thrift of Ohio ’s tax-savvy donors also have some basic rules to follow to ensure that their donors’ contributions qualify as tax-deductible.
By following Internal Revenue Service rules and through mutual support, taxpayers and charitable organizations both benefit.