Givers Gain – Use Charitable Giving to Your Advantage
November 18, 2008
With tax season quickly approaching, could you use a break on your federal income tax return? The recent economic crisis has left the nation financially stressed and has created a greater need for charitable giving. Food pantries are empty, and homeless shelters are full. The holidays are a common time to give, but you may think that giving is just not in your budget this year. Fortunately, charitable giving provides a myriad of benefits, not the least of which may be a deduction on your federal income tax return.
In order to reap the most benefit from charitable giving, you must first choose an appropriate charity to benefit from your generosity. There are thousands of charities providing a huge variety of causes from which to choose. Perhaps preventing abuse of children or animals is a cause near and dear to your heart, or maybe your concerns center more on saving the environment or bringing awareness and funding research with respect to major illnesses that affect our population. Whatever the cause, you can be certain that there is a charity working to bring positive change in that area. Of course, the causes touched upon here are just a few examples of where your donation can make a difference.
Once you have decided that you would like to support a charitable cause, it is important to determine how you will contribute. Your donation need not be made in cash, as there are plenty of other ways to help those in need. For example, you may have a pantry full of uneaten food. Consider filling a couple of grocery bags with this food and donating the food to your local food pantry. Likewise, …
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by: Gina M. Barry, Esq.