Here is the next tip in our series of Tax Tips.
There is usually an added benefit if payments for charitable donations for two years are grouped into one year. This is due to the fact that the first $200 of donations is eligible for a 15% federal non-refundable credit in 2010 while the excess over $200 is eligible for a 29% credit. You’ll receive a larger credit if you group two years of donations in one year.
As more and more companies and individuals are donating to charities, grouping your donations will decrease your bill to the taxman. And that’s a good thing, right?
July 1, 2023
