Oh deer. Another surprisingly legal deduction.

Your Happy Hunting Could Save You Hundreds

That title smells like clickbait. But we promise deer deductions are a real thing. We also promise that the recent film star around the office, our very own deer, is happy, healthy, and raiding the fridge come lunch time.

 

 Fact: Some taxpayers receive credits for deer donations.

Donating used clothing and furniture is a tried-and-true way to have a positive impact in your community — and a super simple way to reduce your taxable income. From coats and dresses to furniture and meals, charitable donations clear out your closet and decrease the amount you owe the IRS.

If you’re a licensed hunter in a participating state, though, you might get  more than a freezer full of venison from your next morning in the blind .

Is it legal to reduce my taxes with deer meat?

North Carolina’s HB208 was submitted in early 2019, and a proposed committee substitute would ideally lead to two potential credits. One would apply to taxpaying hunters who donate their deer carcasses to qualifying meat processors. The other could be claimed by meat processors who donate said goods to charitable organizations that provide food to those in need.

As of this article’s publication date, the bill still stands in committee, but it’s supported by plenty of reputable organizations, including:

*South Carolina and Maryland already offer a $50 credit per carcass to taxpayers who donate deer to charitable organizations.

 Where do I go from here?

If you’re looking to cross off a good deed from your to-do list — and get a tax write-off in the process — check your local and state requirements to see if you qualify for hunting-related deductions or credits.  While you’re checking, we’ll keep looking for more ways to keep your money in your pocket.

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Source : TaxAct Blog