End-Of-Year Giving!
With just a little more than a month left in the year, many begin to think about charitable donations. Once you’ve decided on an amount to give, there are a few things to keep in mind:
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1. Did you give last year? Do a quick check of the organization’s website, or give them a call to see what sort of strides they’ve taken. If you’re not satisfied, or don’t see progress, consider another charity.
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2. As difficult as it can be to narrow your donation to one organization, a larger gift can be more beneficial as one gift, instead of spreading your donations around.
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3. Keep in mind that there are thousands of charities who don’t have it in their budgets to advertise. Consider giving to a local charity, or a national one that’s lesser known.
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4. Once you’ve narrowed down your list, call the charities if you can’t find their mission statements online, and ask questions. It’s the best way to get the information you need.
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5. Although there’s nothing wrong with giving to your alma mater or the hospital that took such great care of a family member, find out if your local homeless or domestic violence shelter needs help. These kinds of organizations usually struggle to make ends meet in providing services.
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6. Make sure your charity is legitimate, and it’s very important to check their finances. Charity Navigator’s website will let your search a charity’s name and get feedback.
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7. Because donations are tax-deductible, the IRS has a search tool that allows you to see what organizations are eligible for tax-deduction gifts. There are other handy options, such as seeing what organizations are no longer allowed to be considered exempt.
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8. Avoid scams--charitable giving is at a high at the year’s end, and crooks abound. Use the above IRS search tool to make sure your charity is a legitimate charity.
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9. Keep receipts, check stubs or letters of thanks for when you’re filing taxes. If your donation isn’t monetary, but something valued at over $5,000, the IRS requires an appraisal for your deduction.
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10. Do you volunteer? Any out-of-pocket directly related expenses--even mileage--are tax deductible.
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11. Keep in mind that last-minute online donations made December 30-31 are eligible for a tax write-off.
Deciding who should benefit from your generosity can be a tough or easy decision, depending on what you already know. Just look for charities that depend on your generosity to keep their doors open, or who need your physical presence to be successful. Giving isn’t always about money.
Courtesy of New Castle County DE Realtor Tucker Robbins.
