A Few Tips for Year-End Giving

As we approach the end of the year, it is a time to remember that charitable donations have to made in the year you want to take the deduction. So if you want to save some on taxes this year, you need to complete your gift prior to the end of the year. A few reminders:

For clothes and household items, the items must be in good used condition. If you wish to make a deduction over $250, you should have an appraisal or receipt from the charity to which the items were donated.

For money donations, it is best to have the check cleared prior to the end of the year. This would include credit card transactions that show funds were actually received by the charity.

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Lastly, deductions are only allowed as taken as itemized deductions on Schedule A for individuals. This means that a charitable deduction, while beneficial to the organization, may not be tax beneficial to the donor. For it to be tax-wise to take itemized deductions, a single individual needs to have more than $5,800 in deductions ($11,600 for a married couple). In addition to charitable donations, qualified itemized deductions include state and local taxes, medical expenses that exceed 7.5% of Adjusted Gross Income (AGI), Investment expenses that exceed 2% of AGI, and casualty losses that exceed 10% of AGI.

Merry Christmas and keep those in need in your thoughts and prayers.

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