There are only a few more days to make your tax deductible gift in 2014! This is an extraordinary time for individuals, small businesses and corporations to demonstrate the power of social responsibilities. Tax Deductible organizations supporting imperative community causes are largely driven my year end donations.
Here are some tips for making your charitable gift count:
- GIVE SMART. Research makes a difference when making charitable donations, especially if making a donation for the first time or to a new organization. Do not be afraid to ask questions about the use of the funds received. What percentage of funds are used toward programs? How will my donation be used? An organization must have 501(c)(3) status in order for you to receive tax credit. To Learn More About Exemption Status, click here: http://www.irs.gov/Charities-&-Non-Profits/Charitable-Organizations/Exemption-Requirements-Section-501%28c%29%283%29-Organizations
- GIVE GENEROUSLY. Giving is truly better than receiving, and even better when you also reap the benefits. Find an organization that aligns with your values and/or interests. You tend to give more and share with others about your giving. The organization DOES NOT have to have a well-known brand. Charitable, religious, educational, scientific, literary, public safety, and more are just a few areas where your donations will be helpful. And if you cannot give largely, give generously by researching where your donation makes the most impact. (i.e. $1.99 provides a meal for one homeless person at Star of Hope; $20 provides more than 10 meals.) (sohmission.org)
- GIVE SOMETHING. Supporting charities is inclusive! Everyone can play a part. If money is tight, try giving in other ways. Clean out your closet, your attic and your storage to find those hidden treasures someone else can make great use of. If it’s torn, ripped or broken, it goes in the garbage! Only donate what is ready-to-wear or use with little to no repairs. Make sure to get your receipt for your records. If the organization does not place a value on your items, there is software available to do it for you. “TurboTax has a tool called “ItsDeductible” that uses eBay to calculate the IRS-approved value of your donations of things like used clothing, coffee makers, toys or bicycles.” (credit: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/How-Does-Your-Charitable-Giving-Measure-Up-/INF13367.html)
- GIVE YOURSELF a pat on the back! With little effort you made a HUGE IMPACT this year! Here are just a few more things to remember. A) Speak with your accountant or tax preparer to find out how much you need to give in order for it to make a difference towards your refund. B) With the holidays approaching, offices hours and workers may be scarce. Don’t hesitate. Give today. Call beforehand to find out drop-off locations and hours of operation. C) Give online! You receive a receipt right away! Or give over the phone! Every organization should have a jolly team member available to take down your information.
P.S. If you would like my recommendation on a list of charities to support, I’d be happy to send that your way. Email me at email@example.com.
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