How to track charitable donations: Capital One makes it easy

Giving to the community and helping organizations that share your passions is a great way to make a difference. But when tax time rolls around, it might be challenging to find all of your donations that may be eligible for a tax deduction.

For credit card customers, Capital One streamlines the process of tracking down charitable donations. Rather than pinpointing a year’s worth of contributions yourself, you can receive an email from Capital One at the beginning of each year summarizing your eligible charitable contributions. 

What you’ll learn:

• Capital One will keep track of any charitable donations you make using your Capital One credit card.

• Ahead of tax deadlines, Capital One will email you a list of potentially eligible donations you’ve made throughout the year.

• You can easily update your email alerts by signing in to your account on the Capital One Mobile app or website.

Capital One makes it easy for cardholders to track charitable donations. It basically takes “tracking” out of the equation. Here’s how the process works:

1. Use your Capital One credit card to make charitable contributions to eligible organizations throughout the year.

2. Capital One will send you a list of the potential charitable donations you made with your card over the past year. This list will include up to 10 organizations.

3. Review the items to evaluate which ones apply to your tax situation.

The email from Capital One will contain information regarding your donations, including the name of the nonprofit organization and the date you made your first donation, how many times you donated to that organization and the total amount you gave. The email will arrive before tax deadlines, allowing time for you to review your donations before filing your tax return. 

You can check and update your email settings through your Capital One online account. Here’s how:

1. Sign in to your account via the Capital One Mobile app or website.

2. Select your profile photo.

3. Select Alerts & Notifications from your settings.

4. Select the emails you wish to receive.

The IRS has certain criteria for what it counts as charitable donations. Any monetary or property donation you make to a qualified charitable organization may be eligible for a tax write-off. Qualified organizations generally include nonprofits that operate for purposes such as:

• Charity

• Religion

• Education or literature

• Science

• Child or animal cruelty prevention

If you’re unsure whether the gift you made is eligible for a tax deduction, this helpful tool from the IRS can show you. You may also decide to discuss your donations with your tax adviser to determine which contributions are tax deductible.

To help save you time and make your tax prep days a little brighter, Capital One can find and send you a list of charitable transactions that may be eligible for tax deductions. 

For easy access to your account, including your email communications, download the Capital One Mobile app today.