29 Nov

Charitable Gift Planning Guide

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Give Back and Get Back: Holiday Tax Deductions

Well, Thanksgiving has come and gone, and that means it’s the unofficial start to the Holiday season. While you’re getting into the spirit this season, decorating your home and picking out gifts for your loved ones. Remember, it is the season of giving, and there are plenty of reputable charities with great causes that would love a donation from those who can. Giving to charity can help people feel a sense of worth within themselves, and it can also provide monetary value as well, in the form of tax deductions.

Charities

People can be hesitant when giving to charities because unfortunately, there are some charities out there that do not do what they say with your donation. There are plenty of resources to see which charities are reputable and reliable. Charity Navigator is a great tool that allows you to choose which type of charity you want to donate to. The BBB Wise Alliance shows ratings for charities.

Keep Track of Your Donations

Once you have settled on a charity that is reputable and supports a cause you believe in, its time to give back! Giving back to charities can come in all shapes and sizes, it does not just have to be a monetary donation. You can donate used goods to charities, whether it be clothes or furniture, and you can also donate your time, handing out food at a local food bank for example. Whichever form of donation you choose, keep track of it and get receipts, so you can claim your donations on your tax forms. If you’re donating your time, while you cannot receive a receipt for the time served, you can deduct the mileage on your car to get to the location, so be sure to keep track of that.

 

The season of giving is upon us. Why not get a little extra for giving extra, you deserve it! Donate to a charity you can trust, and get a tax break for your good gesture. Taxes can get even more confusing when you throw deductions into the mix. Andrew Kyriacou has over 20 years of experience with charitable donations and individual tax plans, contact him today for tax help or questions regarding how you can get tax deductions today!

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