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Thinking about End of the Year Giving? Take 2

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Last week I gave you the first 3 of 9 things you should consider when making end of year donations.  Consider these additional strategies for your charitable dollars as you slide that turkey into the oven and keep your fingers crossed that the gravy doesn't turn out lumpy.

4.  Give early and complete your gift by December 31.
A gift by check is complete when postmarked by the post office.  Gifts by credit card are complete when your credit card account is charged.  Gifts of stock and real estate can be tricky; don't wait until late December as it maybe too late to make the necessary arrangements.

5.  Know the organizations you support.
While there are many worthy causes, only 501(c)3 organizations will allow you to receive a tax deduction.  You can check a charity's performance rating on Charity Navigator, the nation's largest evaluator of nonprofit organizations, at www.charitynavigator.org.   Or contact the Better Business Bureau or check out the agency's 990 to see if there have been any complaints about their services and how they spend their money.

6.  Tax benefits for end of year giving.
If your retirement plan is producing taxable income, there are many tax-advantaged ways to support the causes you care about.  The Charitable IRA Rollover Act allows donors 70 1/2 years and older to contribute up to $100,000 from a qualified IRA without paying taxes on the distribution.

End of the year giving is one of the most important ways you can help charitable organizations serve the Rockford IL community.  I encourage you to count your blessings, have another piece of pumpkin pie, and write out a check or 2 to your favorite causes.  You'll be glad you did!    


Consider making an end of year gift to support United Way in the fight for the health, education and financial stability of everyone in our community.

Donate Now 

 

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Guest Tuesday, 12 December 2017