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Turbotax home business tax year 2017 cd1/16/2024 ![]() ![]() Examples include religious and educational groups, civil and human rights groups, animal and child welfare organizations, private family nonprofits, and medical research groups. This means you can subtract the value of the donation from your income, which may lead to a lower tax bill.Ī 501(c)(3) is a tax-exempt organization registered with the IRS. Some donations to 501(c)(3) organizations are deductible on your federal tax return, and potentially your state return too. See Insider's picks for the best tax software > Can I reduce my taxes by donating to charity? Since 2017 tax reforms, the number of people who itemize has dropped dramatically, making the charitable tax deduction all the more valuable to those who qualify. ![]() ![]() However, only those who itemize their deductions can take advantage of it. Taxpayers who donate to charitable causes can use a federal income tax deduction to reduce what they owe the IRS. ![]()
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