Charitable Giving Does Not Have to be “Taxing”

Besides the obvious social and economic pluses to donating to a local worthy cause, there may also be something in it for you! Charitable giving does not have to be “taxing”

 

 

With some gifts you give, you may be eligible for a tax break, depending on your tax bracket. The higher your tax break, the more money you are allowed to get back, don’t let that deter you if you’re in the lower brackets though, you can still receive a break!

 

If you are donating property, you must have owned it for at least a year and it must be in good or acceptable condition. The value will be based on the fair market price, which can be extremely good news if your property is appreciated. If you donate to Goodwill, or another thrift store, make sure to get a receipt when you drop off your donations, it could save you up to a few hundred dollars depending on your donations. So before you decide to leave old furniture, appliances, and clothing in the street, think about the many benefits of donating to a local thrift store. Just make sure that you receive a receipt upon donating, and remember the IRS requires an appraisal if your item is not in “good” condition and deducted over $500.

 

 

Just in case you hadn’t heard: document, document, document!

Do research into your charity, and remember to be smart with your hard earned money.

 

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