October 21, 2013
5 Ways to Maximize the Impact of Your Charitable Gifts
Five ways to maximize the impact of your charitable gifts.
To ensure your charitable donations have the largest possible impact, both with the recipients and your tax deductions, take these precautions:
- First, make sure the charity applies at least 75 percent of donations to programs that serve its beneficiaries.
- For your contribution to be deductible, the organization has to be recognized as tax-exempt by the IRS and your donation must be made by year's end.
- You must have a receipt to claim a deduction, no matter how small the contribution.
- Websites like Charity Navigator and Guidestar can help you choose worthy organizations.
- If you can't afford a cash donation but still want to help, consider donating your time.
Bottom line: Make sure you get the biggest bang for your charitable buck.
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