A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. Here are five things you need to know about the end of the year charitable write off
Only gifts to qualified charities are eligible for a tax deduction
It is crucial to know that in order to claim a tax deduction for a charitable gift, you have to make the gift to an organization that qualifies as a true charity. Not all nonprofit organizations qualify for charitable status under Section 501(c)(3) of the Internal Revenue Code. For example, gifts to political organizations, business leagues, social clubs, fraternal societies, and a host of other entities that qualify for nonprofit status are not deductible.
To verify whether your gift will be tax-deductible and avoid triggering an audit, you can do a search at this IRS website to see if the entity to which you want to make a gift is on the list of qualified charities.
You have to itemize deductions to get a tax benefit for a donation.
Most people know that donations to charities are deductible, but not everyone appreciates that the deduction is only available to those who itemize on their tax returns. Those who take the standard deduction don’t get any tax benefit from their donations.
FYI: Tax reform boosted the amount of the standard deduction substantially in 2018 compared to 2017 levels. This will almost certainly result in fewer people choosing to itemize, and that in turn will give fewer people a tax benefit from their charitable giving.
You need acknowledgment of gifts of $250 or more
Most people give cash or checks as their charitable donations because it’s easy and quick. However, there are some requirements for gifts of $250 or more. In addition to the records you need to keep for any donation that prove that you made the donation, a $250 gift must get a written acknowledgment from the charity that indicates how much you gave and says whether you got anything in return from the charity. That in turn will help you figure out the net amount you can deduct, as you generally have to offset your donation by the value of what you receive from the charity in exchange for the gift unless it qualifies for an exemption.
Many gifts of property need more documentation
You can also donate property to charity and deduct its fair market value. Deductions of $500 or more require completion of IRS Form 8283, which requires some basic information about the donated goods. If you claim a deduction of more than $5,000, then you’ll need a qualified appraisal of the property, unless it’s a publicly traded security like a stock. Gifts above the $500,000 mark require you to attach the appraisal to your tax return. Due to fraud concerns, gifts in special categories, such as automobiles and other vehicles, require special treatment. 
Older individuals can make donations directly from an IRA
Those who are 70 and older can donate up to $100,000 to charity directly from their IRA. Although you won’t get a tax deduction for doing so, you also won’t have to include the withdrawn amount from your IRA as taxable income, as you would if you had kept the money yourself. This charitable rollover can be a great way to use excess retirement money that you don’t need yourself to go toward a great cause.
By knowing the rules governing charitable donations and your taxes, you’ll be able to take maximum advantage of the Internal Revenue Service’s generosity and make a bigger impact on the world. Need additional help with your business? Schedule an appointment with Angela Crane-Jones.

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Abigail DaSilva
Abigail DaSilva is the marketing coordinator at NBIC, channeling her passion and creativity to support the organization’s mission of leveling the playing field for entrepreneurs. A proud graduate of Tennessee State University, Abigail holds a degree in design, which fuels her artistic sensibilities and impeccable eye for aesthetics. Before joining NBIC, Abigail embarked on her own entrepreneurial journey alongside her brother, where she spearheaded the sales and marketing efforts of their own venture. This experience honed her skills in strategic promotion, customer engagement, and marketing media. Abigail has played a crucial role in the company, transforming their media marketing strategies, specifically towards a more video-driven approach. Recognizing the power of visual storytelling, she has created compelling content and innovative campaigns that have amplified NBIC’s reach and engagement, strengthening their online presence and impact. Outside of her professional endeavors, Abigail is an avid art buff, frequently visiting museums and exploring immersive experiences that combine technology and creativity. She also has a deep love for travel, shopping, and anything that allows her to utilize her creative mind. With her unwavering commitment and broad range of experience, Abigail is a valuable asset to NBIC. She remains eager to push boundaries, elevate engagement, and empower entrepreneurs through her exceptional marketing expertise.
Anne-Marie Tanner
Anne-Marie Tanner is the Programs Coordinator at NBIC. With a Master’s degree in strategic marketing from Midway University and a Bachelor’s degree in design from University of Kentucky, she brings a unique blend of business experience and creativity to her work. Prior to joining NBIC in March of 2023, Anne-Marie worked as a small business and startup consultant, where she gained valuable experience in guiding entrepreneurs through the challenges and opportunities of launching and growing their businesses. Her expertise in strategic planning and her ability to quickly grasp new concepts makes her a strong asset to the NBIC team. As the Programs Coordinator at NBIC, Anne-Marie manages multiple components, including Foundations, E-Myth, Framework, and Groundwork. Anne-Marie values collaboration and strives to align her work with the vision and expectations of her colleagues. Beyond her professional career, Anne-Marie has a wide range of hobbies and passions. She is an accomplished Olympic weight-lifter. Additionally, with her husband, she started a medical clinic in Martin, TN, a brewery and events center in Paris, TN, and an airbnb property. Their goal is not only to build successful businesses, but also to provide economic stability and job opportunities to as many people as possible. With her extensive background in business, her entrepreneurial spirit, and her commitment to personal growth, Anne-Marie Tanner is an extremely valuable asset to NBIC. Her diverse skill set and positive mindset make her a catalyst for success, both for herself and the new businesses she assists.
Saturnie Antoine
Saturnie Antoine has been a part of NBIC since November 2021, serving as the R.I.S.E. UP Program Manager. She holds a Bachelor’s degree and has obtained a professional certification in coaching skills. With a diverse background in corporate work spanning over 15 years, Saturnie has worked in various sectors. As the R.I.S.E. UP Program Manager, Saturnie oversees the entire program. Her responsibilities include structuring the curriculum, sourcing speakers, and organizing the launch campaign. Additionally, Saturnie provides personalized professional coaching to the program participants, offering guidance and support to help them scale their businesses to $1 million plus level. Since the commencement of the program in March 2023, under Saturnie’s leadership, R.I.S.E. UP has witnessed numerous accomplishments and successes. Additionally, the program’s focus on emotional intelligence has helped participants navigate internal challenges and overcome obstacles inhibiting their growth. Outside of work, Saturnie values personal time spent with her family and loved ones. Her true passion lies in her role as a professional coach, where she finds fulfillment in assisting women on their journey towards personal and professional growth. Saturnie’s commitment to her clients and her extensive experience, coupled with her excellent coaching skills, allows her to provide comprehensive support to program participants, enabling them to achieve their goals and reach new heights. Under Saturnie’s leadership, the R.I.S.E. UP Program continues to flourish and make a lasting impact on the lives of female entrepreneurs.
Leroy Cunningham
Leroy Cunningham currently occupies the role of Community and Capacity Building Manager at NBIC. He holds a major degree in Business Administration from Carroll University in Waukesha, Wisconsin, along with minor degrees in Accounting and Economics. Leroy’s prior engagement with business development consulting brings great strength to the NBIC team. He has worked at three of the largest market capitalization companies in the world – Emerson Electric, General Electric, and Berkshire Hathaway. In his current role as the Community and Capacity Building Manager at NBIC, Leroy wears many hats. One of his primary objectives at NBIC is to increase the number of small minority-, women-, and veteran-owned businesses qualified to undertake contracts from prime contractors and government entities. By fostering relationships with community partners and engaging with prime contractors and government entities, Leroy works tirelessly to bridge the gap and provide opportunities for these businesses to flourish. Additionally, Leroy dedicates his time to consulting with business owners, providing them with valuable insights and guidance. By helping businesses at their current stage and empowering them to reach their goals, Leroy greatly contributes to the growth and success of NBIC’s clients. Outside of work, Leroy indulges in his love for reading, sports, and travel. With his vast knowledge, dedication, and passion for community empowerment, Leroy is committed to making a meaningful impact at NBIC. His wealth of certifications and global business experience lends a unique perspective and expertise to NBIC’s initiatives, which will undoubtedly drive the organization forward.
Octavia Wilson-Simmons
Octavia Wilson-Simmons is the Special Project Coordinator at NBIC. With a background as a tank storage broker, Octavia acted as a vital liaison between storage terminals and cargo owners, facilitating contracts for the transportation and storage of products. Prior to NBIC, she also worked as a chemical operator at a chemical company, further enhancing her expertise in the industry. Joining NBIC in early 2022, Octavia initially served as an assistant to Angela before transitioning to her current position as a Special Project Coordinator. In this role, Octavia plays a crucial part in various projects, including MNAA and Elevate 615. She also provides invaluable support to the team, assisting with grants and streamlining processes to ensure efficient collaboration and coordination. Outside of her professional endeavors, Octavia is extremely family-oriented and cherishes family outings and spending quality time with her loved ones. Octavia is also a dedicated DIY enthusiast and seeks to immerse herself in various projects. Octavia embraces the opportunity to collaborate with the NBIC team, support Angela, and contribute to the company’s mission. Having witnessed the growth of businesses firsthand gives Octavia special insight into the entrepreneurial world and the hard work that goes into operating and expanding your business. With her extensive background in the oil industry and her unwavering dedication to assisting others, Octavia continues to make a positive impact within NBIC, among her peers, and within the entrepreneurial community as a whole.