Breast Cancer is the most common type of cancer among women. By the end of 2022, there will likely be 287,850 new cases of breast cancer among women in the US. October is Breast Cancer Awareness month and thus, it is the best time to donate to charities. But what are the tax deduction and donations for breast cancer awareness month?
Tax deduction or tax relief is a reduction of earned income that can be taxed. You can deduct tax by making charitable contributions. But only if you itemize your deductions and make donations to qualified organizations. According to the Internal Revenue Service (IRS), you can deduct up to 50% of your gross income. But 20% or 30% limitations might apply.
If you want to check the tax-exempt organization’s list or tax help, tax forgiveness, or tax refund, the official website of the IRS has all of the answers. There are no more special implications for tax in 2022. In addition to that, many organizations help with donations. Read this article to learn more about these.
What Is A Tax-Deductible Charitable Contribution?
There are many ways to help breast cancer research. You can give cash or non-cash items to 501(c)(3) organizations. That is one of the 29 types of 501(c) nonprofit organizations in the US. Organizations that have this status are tax exempt. If you donate to these organizations, your donation may be a tax-deductible charitable contribution.
But before you donate, it is best to check which organizations are registered. The IRS Website has a helpful page to explore. Here, you can choose which organization you want to donate to. If you do not have cash or non-cash items to donate, you can volunteer. Volunteering is a great way to help out with the cause.
Volunteering in different organizations or even hospitals can make the work a lot easier. Looking after patients and traveling to different locations to deliver supplies. Every little contribution counts towards progress. In addition, your volunteer work can make the jobs of doctors and researchers much easier.
Tax Implications For 2022
Usually, you can deduct the contribution if you itemize your deductions after you make a charitable donation to a registered charity. People who take the standard deduction do not get any tax savings as gifts to charity. However, after the COVID-19 pandemic started, there was a different tax implication.
There was a special tax implication for 2020 and 2021. The deduction was up to $300 worth of charitable deduction and 600$ for a married couple filing a joint return. This was introduced because of the COVID-19 pandemic. The IRS and the United States government wanted people to donate more to help out those in need.
As a result, an IRS tax relief called the CARES Act was introduced so people could donate more. Hence, the tax deduction was introduced. However, this tax system is no longer available from the start of 2022. So, now people have to take the standard deduction just like before. This means people will not be seeing any tax savings as gifts to charity.
Donating Cash Or Non-Cash Items
You need to keep one important thing in mind when donating. When you write a check or give a donation, try to always keep a receipt. Without a receipt, there is no proof of your contribution. To even apply for the standard deduction, you have to provide proof. That is why this receipt is important. Deduction then is easy because it is simply the amount contributed.
However, when donating non-cash items, such as a chair or household items, it is not as easy. You will not be able to deduct what you contributed in that matter. You will be limited to the price of those items. For example, if the items you donated appear to be worth a lot to you but are actually worth $200, you will be able to deduct that $200.
Why Make A Donation To Breast Cancer Research?
As stated before, breast cancer is women’s most common type of cancer. But apart from that, it is the second leading cause of death among women. Donating to breast cancer research is saving the lives of millions of women around the world. It is also improving the outcomes of the treatments.
The research is leading to a permanent cure as well as finding prevention. Cancer is a deadly disease. It is disheartening to see people suffering from it. To go through countless sessions of chemotherapy and fall into depression. You will be helping doctors come up with better cures for women.
Your donation could be the end of cancer. Regardless of the type, even if you are not suffering from it. Being a part of the cure is crucial. There are many organizations, such as BCRF, the National Breast Cancer Foundation, and many more that help with donations and research. Donating to them in just one month of the year can be a huge improvement in progress.
You can donate not only cash but also physical things. Many companies, such as Araks and the Sleeper, Roxanne Assoulin, sell special products in the month of October. Buying these products helps breast cancer research foundations directly, as the proceeds go to charity. It is much easier than ever before to donate to the cause.
As stated before, if you do not have the money to donate but want to help out, many organizations take in volunteers to help. Volunteering can be a huge help for organizations as well as cancer patients. You should keep track of your travel and keep records of your volunteer work. You might be able to deduct 14 cents per mile from your mileage.
Conclusion
By now you should know what are the tax deduction and donations for breast cancer awareness month. This is the best time to donate to charities for a great cause.
With increasing advancements in medical science, only your donations can help boost the research. Thank you for reading this article.
