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It’s “Giving Season”. Do You Have a Strategy?

It’s “Giving Season”. Do You Have a Strategy?

| September 28, 2016

As we approach the finally three months of the year, it seems charity organizations start their largest campaigns and we find ourselves “giving” more than throughout the rest of the year.

If you’re considering donating to a charity, do some research before you give. By finding out as much as you can about the charity, you can avoid fraudsters who try to take advantage of your generosity and you can feel good about where your contribution is going. Here are some tips to help make sure your charitable contributions are put to good use.

Tip #1– Make A Plan At the beginning of the year, sit down as a family and make an annual donation plan. This way, you can decide which causes to support and which reputable charities should receive your donations. Then keep a record of your donations.

Tip #2– Think About Taxes* Visit this Internal Revenue Service (IRS) webpage at, to find out which organizations are eligible to receive tax deductible contributions. Know the difference between “tax exempt” and “tax deductible.” Tax exempt means the organization doesn’t have to pay taxes. Tax deductible means you can deduct your contribution on your federal income tax return.

Tip #3– Never Send Cash For security and tax purposes, it’s best to pay by check—made payable to the charity. Do not provide your credit or check card number, bank account number or any personal information until you’ve thoroughly researched the charity.

Tip #4– Be On The Lookout Avoid any charity that refuses to provide detailed information about its identify, mission, costs, and how the donation will be used. Also avoid a charity that guarantees sweepstakes winnings in exchange for a contribution. By law, you never have to give a donation to be eligible to win a sweepstakes. Unfortunately, scams are out there that pry on your goodwill.

We are happy to help you to prepare a donation plan. Give us a call at the office today (541) 523-0900 or email tonita.mccarty@lpl.com to set up an appointment.

 

*This material is not intended to provide tax advice. Please consult your tax consultant for full details.