Colleen: What does charitable giving mean for your taxes?
Nov 29, 2023, 12:30 PM | Updated: 1:55 pm
(AP Photo/Patrick Semansky, File)
This week, with the giving season upon us, we discussed charitable giving. What does it mean for our taxes? And has anything changed in the tax code this year? For those answers, we turn to CBS Business Analyst Jill Schlesinger.
“In order to get any deduction from your charitable giving you have to be an itemizer,” Jill told us.
Listen below to the full interview:
What I appreciate about being able to talk to Jill every Monday for Seattle’s Morning News is that she can boil down any complicated financial or economic story into the most important elements. She can also explain complicated financial topics in easy-to-understand terms.
Jill also wanted to warn about scams, which run rampant turning the season of giving. Fake charities — with names very similar to legitimate charities — will try to solicit donations. You can go to IRS.gov to find the Tax Exempt Organization search tool to find out if the charity you’re about to give to is actually a charity.
Listen to Seattle’s Morning News with Dave Ross and Colleen O’Brien weekday mornings from 5 – 9 a.m. on KIRO Newsradio, 97.3 FM. Subscribe to the podcast here.