December 14th, 2017

Why Giving is Great for Taxes
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​Did you know that you could save yourself some cash by giving to your favorite charities?  Say what?  Yes, seriously, by giving you can save.  What’s the saying?  “Good things come to those who give.”  Well, maybe the saying is  really about those who wait but in the case of your taxes this saying is absolutely true.  The great thing is your donation doesn’t have to be cash.  Charitable giving includes sponsorship of local charity events, in-kind contributions such as property and even your car. Let me tell you how it works.
Now, before you go giving your money to everybody, you have to make sure that your favorite charities and causes are qualified charitable organizations by the IRS.  That just means that the IRS recognizes them as legitimate organization that uses your money for the common good.  Here’s the list.  Now, if a local organization isn’t on this list it doesn’t mean that they aren’t making the world a better place; it just means that your gift may not count as a deduction on your taxes.  You can always book an appointment with me to discuss further so you can save money and contribute to your favorite organizations at the same time.
You’ll want to do your research to find out who and what you are funding.  Why is this important?  Well, its your hard earned money so you wouldn’t just throw it down the drain would you?  Like that time you bought those shoes you never wore.  I’m not judging but that’s what it would be like if you gave to an organization that was involved with lobbying.  For example, organizations can quickly disqualify themselves from being listed as a qualified charitable organization by urging supporters, volunteers and the public to vote for a specific candidate in exchange for funding.  We’re finishing up an election year so you definitely want to pull out your magnifying glass before giving.  Plus, the last thing you want to do is give your money to an organization that does not align with your beliefs without you even knowing.

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