Fall marks the beginning of charitable gift giving season.
Remember, your donation or gift must be made by December 31 in order for it to be deductible in the current year.
Here are my Charitable Contribution Top Tips
Research First! Where does the charity spend its money? You want to make sure that the majority, over 85% of the money donated goes to the charity’s stated mission, not other expenses.
Registered Charities Only! Make sure the charity has a valid IRS 501(c)(3) status. Check the IRS website. Many charities must also be registered with the Department of Justice, depending on the state. Check with their website as well.
Record Keeping! Get a written acknowledgment or receipt for your financial contribution.
Don’t have the funds to make a financial contribution this year?
Contribute your time to those less fortunate.
Offer your professional services free of charge to a needy family.
Check out programs like Home for Good, which offer the opportunity to volunteer in cities across the United States. To find ways to make a difference in your area, visit www.HomeForGoodProject.com.
You can really change people’s lives and get a tax break for doing it. A true Win-Win.
Click Here to Read The Companion Memo – Charitable Contributions – Do These Trigger an IRS Audit?
Please reach out to me without hesitation with any tax, business or accounting question,
and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Is your CPA or Attorney ignoring you?
Call Me Immediately.
(732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
