Tax Exemptions
If you are looking to deduct any financial contributions you have made to any organizations, you need to be aware of what is tax exempt and what is not. Contributions made to some tax exempt organizations may be deductible, however, “tax exempt” does not always mean “tax deductible”.
To ensure you are able to deduct charitable donations from your next income tax filing, you can contact the McAllen certified public accountants of Gonzalez and Arrambide, Inc. at 956-351-6537.
Tax Exempt Categories
To determine the tax exempt status of an organization, you can contact your local IRS office or ask the organization to provide you with a copy of its “letter of determination”. This is a formal tax exempt status notification from the IRS. Usually, organizations that solicit donations are:
- Charitable
- Religious
- Scientific
- Educational
- Promote national or international amateur sports competition
- Test for public safety
- Literary
- Prevent cruelty to animals
Contact us
There are many things you should know when considering charitable donations and reviewing charitable donations forms. To ensure you are able to deduct these donations from your next income tax filing, contact the Weslaco accountants of Gonzalez and Arrambide, Inc. at 956-351-6537.
