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
- December 31 is the cutoff date for donations.
- Organization must be registered with the federal government as a 501c3.
- Confirm the charity’s authenticity using the Tax Exempt Organization Search | Internal Revenue Service (irs.gov)
- For cash gifts greater than $250, obtain a receipt/donation letter.
- For non-cash contributions exceeding $500 write down details or take a picture of the item(s) donated.
- Non-cash items may include artwork, clothing, real estate, furniture, cars, or stock.
- Keep receipts of cash and non-cash donations which show the name and address of organization for tax purposes.
Charitable Gifting Benefits
- You can take a tax deduction, if you itemize at tax filing.
- Make a positive impact in your community by supporting causes that are important to you.
- Meet other individuals with similar goals and build partnerships in giving.
- 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