Thursday, October 11, 2012

Political Donations..Tax Deductible?

US presidential election in 2012 via BIGSTOCK
'Tis the season for providing financial support to your political candidate or cause of choice.  The question is are any of these donations tax deductible?  The Wall Street Journal recently took on this subject in order to clear up some misconceptions and provide clarity for those politically involved donors. The Journal even includes a cool interactive questionnaire to assist you. 
Donations to a specific campaign, party or Super PAC are not tax deductible.  However, there are organizations that are politically involved that you can support while also claiming a tax deduction.  Organizations like The Heritage Foundation, Cato Institute and the Center on Budget and Policy Priorities are public charities with 501 C 3 status.  Which means donations to those organizations are tax deductible. These organizations can not be for or against a certain candidate but they can take positions on ballot initiatives. So make sure you are aware of the tax deduction rules before you cut a check during this election season.  

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