A New IRS Tool For Charitable Giving

It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching.

To take a tax deduction for charitable giving, the organization you give to needs to be a 501(c)3 in good standing. TEOS is designed to help confirm that status by ensuring the organization has a Form 990, 990-EZ, 990-PF or 990-T on file as well as a favorable determination letter issued by the IRS—both requirements for tax-exempt status. While it may take some time to populate the site with determination letters received before January 2018, the idea is to eventually eliminate the need to ask a charitable organization to provide the letter to you directly. Forbes’ Kelly Erb offers instructions on how to use the tool here.

Other online tools like Charity Navigator are still very useful in helping you identify eligible charities that match your interests and location and in rating charities based on factors like financial health, accountability, and transparency. The top charities in San Antonio right now, scoring a 95 or above on Charity Navigator’s rating scale, are:
• Habitat for Humanity
• Animal Defense League of Texas
• Petco Foundation
• San Antonio Food Bank
• San Antonio Humane Society
• Texas Public Radio
• The Children’s Bereavement Center of South Texas

Stay tuned for our next posts explaining more about how to give under the new Tax Cuts and Jobs Act of 2017 (TCJA). For specific questions, feel free to contact us.

Image Copyright: szefei

Client Spotlights

A terrifying home invasion involving men with masks and guns set Pam Wood on an unexpected path to business ownership in 1981….
What happens when you combine a passion for creating, a knack for business, and deep family values? For Scott Klingler, owner of MergeWorks, it resulted…
Bessie M. Irizarry loves embracing a good challenge. It’s one of the many reasons she’s earned respect as a female engineer and business owner in…
San Antonio native Mark Lopez can’t recall a time he didn’t envision himself following the footsteps of his father, a project manager, into the construction…
Siew Pang knows that the key to unlocking the American dream can be discovered by embracing unexpected opportunities….
If you’re a San Antonian, you may not want to imagine your weekend without brunch at the city’s beloved Magnolia Pancake Haus….
Greg Thompson has long respected money and how it can catalyze greater things….
You may not be aware of it, but Don Lasseter has helped you throw a party. How do we know that? He’s the franchise owner…
Land surveyors aren’t known for exceptional customer service. But why shouldn’t they be? David Breaux set out in 1998 to prove that treating customers right…
When Lance Rose sees a business need, he fills it. That’s how he and Terri, his wife of 30 years, have evolved into the proud…
Matt and Lara Bruhn met while in graduate school at Harvard. He served as an officer and F-15C pilot with the U.S. Air Force….
Growing up in Piedras Negras, Coahuila, Mexico—just south of Texas along the Rio Grande—Oscar E. Flores dreamed of becoming a designer….

Blogs and Articles

Digital Assets and Your Taxes

The Goldilocks Rule for Tax Withholding

How Inherited Assets Affect Your Taxes

Getting Hit by Someone Else’s Bankruptcy

Welcome to Texas: Cutting Tax Ties with Your Previous State

Reaching the Unreachable IRS

How Is Costco Gold Taxed?

Yes, You Do Still Have to File Taxes

Retirement Plan Perks for Texas Small Businesses

Top 6 Worst Social Media Tax Tips

What’s Happening with the Corporate Transparency Act?

Love & Marriage & Your Business Assets

How Small Business Owners Reduce Taxable Income