On the heels of Thanksgiving follows two days of shopping unlike any other: Black Friday and Cyber Monday. Over the course of these two days retailers reign in billions of dollars in sales. After the madness of consumerism subsides comes a day of reflection and giving now known as Giving Tuesday. On this day individuals and businesses alike are urged to give to a charity of their desire. So, what steps can taxpayer’s follow to ensure that their charitable giving not only benefits their intended purpose, and qualifies as a taxable deduction? The IRS has provided a tool by the name of EO Select Check to confirm the organization’s tax exempt status here.
It is crucial that a willing contributor confirm the organization’s tax exempt status through the IRS tool above. Confirmation of an organization’s tax-exempt status via the IRS tool qualifies a taxpayer’s deduction and provides assurance that the organization conducts business in accordance to their tax exempt purpose.