I do like to support my favorite charities, and am always thinking of other ways to make an impact on the causes I care deeply about. Do you feel that way, too?
One of the things you may not have thought about is the benefit of giving appreciated stock to a charity you support. You can deduct the fair market value of the shares you donate, up to 30% of your adjusted gross income, and you don’t need to worry about paying capital gains tax.
You may also think about sponsoring a group who is raising money for a noble cause. I am doing this on Sunday, April 26th to support healthy babies for the March of Dimes. If you are interested in contributing to this worthy cause to support my love of children, please see my involvement for this cause as a member of the New York State Society of CPAs' team (March for Babies) if you are interested in supporting this.
If you wish to donate non-cash contributions, make sure that you have a signed receipt stating that the goods are in good or better condition, a detailed description of your donations, and take a photograph of the items you are donating if this can be used to prove their condition.
Also, remember that if you make non-cash contributions in one calendar year worth $5,000 or more in a similar category, you must get an appraisal done by a certified appraiser to be able to deduct the donations.
If you make cash contributions of $250 or more at one point in time, in addition to your cancelled check you must get a letter from the organization acknowledging your donation.
Helping others is always a worthy cause, and a great tax deduction, too.
If you have any questions, don’t hesitate to call the office and set up an appointment.