COLORADO — Today is Giving Tuesday, the annual movement that celebrates giving back on the Tuesday after Thanksgiving. As you open up your hearts and wallets, we have a reminder: Colorado is a state where you could get back what you give.
Donations of $500 or more to a qualified organization may qualify for tax deductions. For the most part, religious organizations and many nonprofits fall under this category.
We went to Your Tax Lady in Colorado Springs to get some insight on what kind of perks there are for giving in Colorado. You have to file your federal taxes as standard, which most folks do.
"On your federal yes, it helps if you're a large donator, but if you're a small donator, and you only donate maybe $1,000 a year, maybe $2,000, anything over $500 gets to lower your Colorado. Everybody wants to lower their taxes," said Kathy Byklas.
So if you donate $1,500 this year, $1,000 of that can be claimed, meaning a little more than $40 doesn't have to go to taxes. The more you give, the more you can deduct. Just remember to save records of those donations for when you file.
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This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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