RE/MAX 440
Home My Listings View Area Listings Inside Tours About Me Contact Login Helpful Links Mortgage Info Community Info School Info Tom's Blog Buying Selling Financing Glossary Home Ownership Testimonials

Thomas Skiffington,  CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
Thomas Skiffington, CRS, GRI, CRB, ABR, ePro, CLHMS, SRES, RECS, CDPE, ECOBROKER
701 W. Market Street
Perkasie, PA 18944
Phone: 215-453-7883
Office Phone: 215-453-7653
Toll Free: 800-440-remax
Fax: 267-354-6800
email: tom@tomskiffington.com
TwitterFacebookGoogleLinkedinYoutubePlaxo

< Back to Tom's Blog

Tips for Tax-Deductible Charitable Donations

November 22, 2017 1:42 am

At the end of the year, thousands of Americans rush to make charitable donations to offset their taxes or help out their favorite causes. According to Senior CFP Board Ambassador Jill Schlesinger, CFP®, too often, Americans  may not recognize two keys to smart giving: careful vetting of charities, and tax planning that helps make the most of a gift.

"Considering how many people make charitable gifts at year-end, it's amazing how little thought and research can go into the process," Schlesinger says. "There are fake charities and scam artists who take advantage of generosity."

To combat this, Schlesinger offers the following checklist for Americans who are preparing to make end-of-year donations.

Step 1: Confirm the charity is legitimate by searching the IRS tool, Exempt Organizations Select Check. Cross-reference by asking the organization for its employee identification number, and then searching the same database for it.

Step 2: Research the charity's financial health. The Better Business Bureau's (BBB) Wise Giving Alliance, Charity Watch, GuideStar and Charity Navigator offer guidance on how charities spend money. Many Americans want to understand what portion of a donation goes to overhead, versus the cause itself.

Step 3: Determine how to donate. Options include donations of goods, checks, wire transfers and credit card payments. Americans can also donate appreciated securities and write off the current value of a stock, or make donations directly from their IRAs, though some rules apply.

Step 4: Keep good records. For any donation valued at $250 or more, the IRS requires a bank record, payroll deduction or written communication identifying the organization, the date and amount of the contribution and a description of the property.

To be deducted from 2017, donations must be given or postmarked by midnight on December 31.

Source: Certified Financial Planner Board of Standards, Inc.

Published with permission from RISMedia.

Add a comment





Learn more about Philadelphia County, Doylestown, Northampton County, Hilltown, Montgomery County, Ottsville, Chester County and Richlandtown and search all the real estate listings in the Perkasie area MLS. We have packed our site with tons of information about Revere, Hilltown, Ottsville, Doylestown, Perkasie Real Estate and Northampton County Real Estate plus what you need to know about buying and selling a home or condo. I offer full a full range of professional real estate services. On this Perkasie real estate site find Perkasie In Town and Suburban Properties, Land, Lots, Perkasie Golf Homes for Sale, Luxury Estates, Town Homes, Perkasie New Homes for Sale, Perkasie Condos, Town Homes, Real Estate, Perkasie Luxury Estates, Equestrian Estates and Perkasie Executive Homes For Sale. Search for Homes for Sale in Perkasie. You can also Search for Homes for Sale in Lehigh County and it's surrounding counties. Lehigh Valley Real estate ad Lehigh Valley homes or properties for sale.

Tom Skiffington - RE/MAX 440 - PERKASIE

Franconia Pennsylvania real estate, Line Lexington Pennsylvania, Hilltown Pennsylvania, Revere PA properties, Trumbauersville PA properties, Gardenville PA, Kulpsville PA, Erwinna Pennsylvania homes for sale, Philadelphia County PA, Northampton County properties, Bucks County PA real estate, Blooming Glen Pennsylvania, Perkasie PA, Kintnersville properties, Richlandtown real estate, Mainland Pennsylvania, Bedminster PA, Montgomery County Pennsylvania properties, Hatfield PA homes for sale, Chester County Pennsylvania, Pipersville PA, Dublin Pennsylvania properties, Fountainville real estate, Upper Black Eddy properties, Plumsteadville properties, Souderton properties, Danboro Pennsylvania, Quakertown properties, Jamison Pennsylvania properties, Doylestown Pennsylvania real estate, Chalfont PA, Ottsville real estate, Sellersville homes for sale, Earlington PA homes for sale, Ferndale PA homes for sale, Colmar real estate, Lehigh County Pennsylvania real estate, Silverdale real estate, Tylersport PA homes for sale, Warrington PA homes for sale, Telford Pennsylvania properties