Charitable Donations: Smart Giving

Making a charitable donation reduces your tax burden for the year while is not making a difference. The tax benefit is a persuasive motive for giving to charity, without the tax benefit it is highly likely that donors will decrease their contributions to charity.
Tax law set rules for receiving a tax deduction for charitable gifts.  Thus, it is imperative that the rules are followed in order to make your Donation work for you.  ​

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1. Donations to Individuals.  Giving money or food to the homeless,  giving money to your Grandparents or disabled family member, are considered individual payments and they do not qualify as charitable contributions for tax purposes.
2. Donations.  Donations doesn’t just mean food or money you can also donate assets that appreciates in value.  Its best to donate assets that you have had for at least one year to avoid capital gains taxes.
3. Receipts.  Don’t forget to get receipts or letter from the charity acknowledging your donation.  The value of your donation adds up so ensure that you are getting receipts so you can claim that value on your tax returns if you qualify.
4. Timeliness.  Charitable donations are tax deductible in the year in which the contribution is made.  If you need to reduce your 2016 tax liability, then you will want to make the donation by 12/31/2016.  If you text a donation 12/31/2016 or go on a website to make a donation on 12/31/2016, then you may be eligible to utilize the tax deduction for 2016.

​The Surge Community Foundation Inc., is a 501(c)(3) nonprofit organization our goal is to improve the quality of life by bridging the skills gap through education and training.
 
Surge Community Foundation Inc., Provides:

• Financial Literacy
• On the Job Construction training
• Healthy living

For more about Surge Click Here. 

​To donate to Surge Click Here.