GIVE BACK, GET BACK
For many people, buying gifts for friends and family is just the start of holiday giving. The next step is to give to charities or individuals in need of aid. Giving to others can be personally rewarding -- and also financially rewarding, if the donation is tax deductible.
To qualify, donations must go to qualified organizations such as 501(c)(3) nonprofits and some churches. Taxpayers also must itemize deductions, rather than take the standard deduction ($6,300 for individuals and $9,250 for heads of household in 2015). Up to half of adjusted gross income can be deducted for cash donations, and up to 30 percent for property donations. Donations beyond those amounts can roll over and be used for a tax deduction in the next five years. Here are seven ways to give that can get you a tax break.