It’s that time of year to celebrate the holidays coming up!
With holiday festivities right around the corner, it’s important to also keep tabs on what items you donate to charitable organizations.
Brooklynn Chandler Willy, president and CEO of Texas Financial Advisory, explained the basics on how to map out your charitable plan and contributions.
1) How can giving towards a charitable donation benefit you?
The gifting principles, tax benefits and philanthropic rewards of charitable giving can be relatively the same, regardless of how large or how small your gift is.
- Making a charitable donation can offset your income or estate taxes.
- Making a charitable donation can also give you a sense of personal fulfillment.
- A very important benefit is that it also provides for advanced financial planning which leads to financial confidence.
2. What are things to think about before making a charitable donation?
Research your charity, do your homework and read the charity’s financial statements to see how they spend their (your) money.
- Ask for a receipt. For charitable contributions of $250 or more, you need a donor’s acknowledgment letter and generally, it is a good idea to obtain receipts, especially when donating goods.
- Don’t delay. If you will be making a donation for which you plan to claim a deduction, remember that your gift must be made by Dec. 31.
- Remember, too, that only contributions to IRS-qualified charities are deductible. But of course, while tax deductions are nice, giving to those in need is the real draw.
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If you donate to STHC Ministries this holiday season, Texas Financial Advisory will match dollar for dollar up to $50 per donation. To donate to STHC Ministries, visit texasfinancialadvisiory.com and type “TFA Give” in the comments to give a matched gift.