1. Are donations to street roots tax-deductible?
Yes! As a 501(c)(3) non-profit any donation you give to street roots is fully tax-deductible. When you do make a donation through our site, be sure to save and/or print the confirmation you receive for your tax records.
2. Do I need to itemize my tax return to get a deduction for charitable giving?
Yes. Donations are only tax-deductible if you itemize deductions on your tax return. When you file your taxes, you'll need to itemize your donations on Schedule A of the 1040 form.
3. Is it worth the time and effort to itemize just to get a deduction for charitable giving?
The answer to that varies from person to person. The standard, automatic deduction the IRS provides is $4,850 a year for single people and $9,700 for a married couple filing jointly (2004 amounts). This is more than most people contribute to charity in a year. However, when charitable deductions are added to other potential deductions, including interest on a home mortgage, medical expenses that exceed certain base amounts, education expenses, casualty or theft loss, or additional deductions you plan to itemize, your charitable donations may help to lower your tax bill. As with any major tax decision, confer with your own tax or financial advisor so you're sure you get the most out of all your deductions.
4. When I donate to street roots, will I get a receipt?
When you donate to us through Guidestar's Network for Good, you will always receive a confirmation e-mail, which will serve as your receipt. You can also print the confirmation page that appears on your computer screen after you've completed your contribution -- that can also serve as a receipt. You should always keep a hard copy of your receipt for your tax records.
When you donate to us through PayPal, a printout of PayPal's transaction summary will satisfy IRS requirements for donations under $250. For PayPal donations that exceed $250, we will make sure that you receive an email acknowledgement satisfying IRS requirements within 3 business days.