Money Monday: 7 Steps to Take Before Making a Charitable Donation

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  • Do Your Resesarch
  • Not all charitable organizations are created equal.
  • Get the 411
  • Call the Charity
  • Dig a Little Deeper
  • Create an Annual Donation Plan
  • Know the Difference Between “Tax Exempt” and “Tax Deductible”
  • Don’t Use Cash When Making Donations
  • Steer Clear of Fly-By-Nights

Do Your Resesarch

Donating to charities is a personal finance strategy that not only makes the donor feel good, but that generally results in a Schedule A (for Form 1040) tax deduction. According to the IRS, a charitable contribution is a donation or gift to, or for the use of, a qualified organization. These contributions are voluntary and are made without getting, or expecting to get, anything of equal value. — Bridget McCrea

 

(Photo: GettyImages)

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