Uh oh… It’s tax season. Many of us may be shedding a small tear as we watch some of our hard-earned dollars exit our bank accounts this tax season, but there is a silver lining: Charitable donations, like gently used books, are eligible for tax deductions! That’s right, the value of any book that you donate to On the Same Page Boston can be deducted from your taxes.
What does this mean? Let’s say you donate 10 books to On the Same Page and each book is valued at about $12. The value of your contribution comes out to $120. On your 1040 form, linked here with instructions, you can write down the $120 contribution that you made to our campaign, along with any other charitable donations you made throughout the year. Then, you subtract this number from your overall income for the year (referred to as “gross income” on the form) and you won’t be taxed on the value of your contributions to charitable organizations.
In an obscure way, we know our tax dollars make their way back to us, but we’re not thinking about this when April rolls around and we have to call up the accountant. Not only will your donations to On the Same Page have a profound impact on youth education in the Boston community, but it will also allow you to breathe a sigh of relief when it’s time to fill out those tax forms.
Disclaimer: I am not an accountant, just a college student who’s interested in doing good and saving some money at the same time.
Written By: Stephanie Trendell
Sources:
H&R Block. “Charitable Donations.” H&R Block, HRB Digital LLC, 29 Aug. 2023, www.hrblock.com/tax-center/filing/adjustments-and-deductions/charitable-donations/#:~:text=You%20can%20deduct%20donations%20you,on%20Form%201040%2C%20Schedule%20A.
“Topic No. 506, Charitable Contributions.” Internal Revenue Service, www.irs.gov/taxtopics/tc506. Accessed 3 Apr. 2024.