If you want to lower your tax deductions, there are a number of eligible donations which can help you to do just that. Charitable donations are quite helpful in helping you to achieve substantial tax savings and you can make a very large and profitable difference in your refund.

 

However, there are actually some restrictions that may be implied. Here are some examples of the restrictions which will apply to you:

  • Donations have to be made to a nonprofit organization which can prove 501(c)(3) tax status.
  • You need to be able to present your receipt to prove that you have made donations to legitimate nonprofit organizations.
  • You need to ensure that you are aware of the allowed amount of donations you may deduct. It’s a great idea to consult with one of our professional accountants so that you stay within the allotted range.

 

There are a number of other common expenses, that are also charitable donations, which should be deductible from your tax bill. We’ll show you what they are…

  • Cash: You may be able to deduct cash donations you have made to nonprofits.
  • Tithes: If you pay tithes to churches and other types of religious organizations, you may deduct these from your tax bill.
  • Property: You would be able to deduct donated furniture, real estate, electronic equipment, clothing, etc.
  • Mileage: You may be allowed to deduct the portion of the mileage that was used if you used your car to assist a nonprofit organization or cause.

 

If you are looking for bookkeeping or accounting services in Ottawa, then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally, we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.