News you can use: 6 things to know about charitable giving
Forbes provides tips on how to maximize savings this year
There are many reasons why we choose to give to charity. At the forefront for most is the satisfaction of knowing it is making a difference in the lives of others. The U.S. gave an estimated $358.4 billion to charity in 2014, which surpassed the peak giving level seen before the Great Recession, according to the most recent Giving Institute report.
Charitable donations can also provide significant tax benefits if claimed properly. In Forbes’ article, 6 Things to Know About Charitable Giving This Tax Season, contributor Tom Anderson walks us through how we can maximize tax savings this year.
Forbes recommends the following charitable giving tips:
- Itemize your tax return to make the most of your charitable deduction.
- Keep good records on donations.
- Understand what contributions are tax-deductible.
- Know the fair market value for donations of personal property and household items.
- Follow proper guidelines for making a large gift of property.
- Understand the limits on deductions for each type of gift.
As you prepare to file your taxes this year, we hope you will review this article with your loved ones and/or financial advisors to make the most out of your charitable deduction. As always, please contact our office if we can be of service in any way.