There are many advantages to giving to charity. Yes, it makes you feel good, but it also will provide you with a tax deduction. Now is the time to get your paperwork together so you can make sure that you receive any deductions you deserve. Here's what you should know about the tax benefits of giving to charity. Be sure to consult your own tax adviser about your specific tax situation.

If you itemize deductions on your tax return, you may be able to take an income tax deduction for a gift to a qualified charitable organization. The actual cost of your donation is therefore reduced through your savings on your taxes. For instance, if you are in the 33% tax bracket, you would save $33 on a donation of $100.

Most charitable organizations qualify for a charitable contribution deduction, but not all. Look for the 501(c)(3) designation to be absolutely sure, be confident the 13th COSCOM Association has been granted 501(c)(3) status by the IRS. Tax deductions are not allowed for donations to an individual, a foreign government, foreign charities, and certain private foundations. There are no limits on charitable contributions for most of us. Limits come into play only if you contribute more than 20% of your adjusted gross income to charities. If you are in this category, be sure to consult with your tax adviser to see if your deductions will be limited.

• Our Tax ID Number/EIN: 71-0978700

• We Bank With: Fort Hood National Bank, Bldg 137 Hood Road (P.O. Box 5000) Ft Hood, TX 76544 (254) 532-2161

• Need an Invoice?  Contact our Treasurer

• Need a copy of our Tax Exempt Notification?

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