Making charitable donations is a smart way to answer the question of how to save tax while supporting a cause you believe in. When you donate to a registered charity, you can claim a deduction for the amount donated on your tax return. This deduction can help lower your taxable income. To ensure that your donation qualifies for a tax deduction, donate to a registered charity organisation like Save the Children and keep a record of the contribution. You can also consider donating appreciated assets, like stocks or real estate, to further maximise your tax savings. By making charitable donations, you can positively impact your community while keeping your savings high.
