Year End Charitable Gifting

December is fast approaching, now is a great time to review your charitable gifting plans. Here are a few key points of information to know, as well as the potential benefits of charitable gifting.

Charitable Gifting Info to Know

  1. December 31 is the cutoff date for donations.
  2. Organization must be registered with the federal government as a 501c3.
  3. Confirm the charity’s authenticity using the Tax Exempt Organization Search | Internal Revenue Service (irs.gov)
  4. For cash gifts greater than $250, obtain a receipt/donation letter.
  5. For non-cash contributions exceeding $500 write down details or take a picture of the item(s) donated.
  6. Non-cash items may include artwork, clothing, real estate, furniture, cars, or stock.
  7. Keep receipts of cash and non-cash donations which show the name and address of organization for tax purposes.

Charitable Gifting Benefits

  1. You can take a tax deduction, if you itemize at tax filing.
  2. Make a positive impact in your community by supporting causes that are important to you.
  3. Meet other individuals with similar goals and build partnerships in giving.
  4. Establish your family’s charitable values, philosophy and legacy goals for future generations.

“Great things are done by a series of small things brought together.” Vincent Van Gogh

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