As the holiday season approaches, gifts for loved ones are always on our minds, but so is charitable giving. According to a GuideStar survey, 50 percent of charitable organizations receive the majority of their annual contributions between October and December, and end-of-year giving may also be financially beneficial in reducing your tax burden. Below, Desert Schools Financial Services provides tips on what to remember when considering charitable donations this holiday season with respect to
1) Evaluate your current giving – consider the amount that you’ve already donated this year to non-profits like schools, churches and emergency relief funds.
2) Do your research – According to IRS.gov, only donations to eligible organizations are tax deductible. You can utilize “Select Check,” the IRS’s searchable online tool to verify a charitable organization’s status.
3) Be wary of scams – Scammers are more prevalent this time of year and there will be a lot of emotional appeals via email and social media. Be savvy and careful of these high-pressure appeals. Make sure to research the organization you’re considering donating to and check their credentials with companies like GuideStar, the Better Business Bureau and Charity Navigator.
4) Plan in advance – If you have an IRA, consider sending a portion of your distributions directly to a charity or set up charitable giving through your will or trust.
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The information listed may not reflect the capabilities or practices at Desert Schools Federal Credit Union, but is rather meant to serve as a unbiased advisement and support of the financial health of our community.