If you want to claim a charitable deduction, be sure the charity or philanthropic organization you select is a tax-qualified organization under IRS rules. Use Guide Star for Donors to research nonprofits' tax-exempt status.

Charitable purchases are only deductible in the amount exceeding the worth of the item purchased. For example, if you attend a fancy $500 a plate dinner for children's hospital, the deductible amount is equal to $500 minus the fair market value of the dinner. Learn more from our Contributions article.

Make sure you obtain a receipt for any and all of your charitable cash contributions – if you want to deduct them!