Is my donation tax-deductible? If you’re a U.S. taxpayer giving to a nonprofit or charity, you should be asking this question.

The short answer: It depends on who you donate to, and may depend on how much you give overall. Also, the answer is slightly different depending on whether you’re donating as an individual or as a business.

This guide will provide you with general information about tax deductions in the United States for 2019 and 2020. Since everyone’s situation is different, always consult a financial advisor for advice specific to your tax situation and state.

Is my donation tax-deductible?

If you know that your itemized deductions will exceed your standard deduction, tax-deductible charitable donations could lower your tax bill.

Let’s look at four key things that make a donation tax-deductible:

1. Where you donate: Only certain types of organizations get the IRS’s approval to declare that donations are tax-deductible. Most of these organizations have what’s called 501(c)(3) status. All qualified organizations will be able to provide a National Taxonomy of Exempt Entities, or NTEE, code, which is used to classify organizations based on the type of work they do. Qualified organizations will also show up in the IRS Nonprofit Lookup.

2. What you donate: Monetary donations to qualified organizations—whether by cash, check, credit card, or payment app—are tax-deductible. Donations of property are too. If you give property to an eligible organization, you can claim the fair market value of the property as a tax deduction. Donations of time, services, or labor are not tax-deductible, but if you incur expenses performing those services, they could be.

3. Whether you get any benefit in return: Any benefits you receive back from the organization you donated to count against your deduction. For example, if you pay $500 for baseball tickets at a charity auction, and the face value of the tickets is $400, you can only claim $100 as a tax deduction. Sometimes the organization will indicate the value of the gift or benefit you received on the documentation they send you, if any. Ask if you aren’t sure.

4. Your recordkeeping: The IRS has mandatory recordkeeping requirements for tax-deductible donations. If you don’t follow their guidelines, you can’t claim the donation on your taxes.

Read the full article about the guide to tax-deductable donations at Global Giving.