As Christmas arrives, you may be swept up in the spirit of giving. If so, it is tax deductible for certain purposes. While giving directly to the homeless is not tax deductible, giving to certain entities who in turn give to the poor, homeless, or use the funds for some other charitable purpose, is tax deductible. There are certain limits to your ability to give. For example, you cannot give more than 60% of your Adjusted Gross Income (AGI). If you exceed this amount, there is a five (5) year carryover. The carryover amount is reduced by the amount that would have been deductible if itemizing. For proper tax planning you should discuss this with an attorney and a certified public accountant.
Disclaimer: This is not legal or tax advice. Please consult your attorney and CPA for any legal or tax matter.