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

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  • 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
  • Not all charitable organizations are created equal.
  • Get the 411
  • Call the Charity

“Tax Exempt” vs. “Tax Deductible”

Tax exempt means the organization doesn’t have to pay taxes. Tax deductible means you can deduct your contribution on your federal income tax return.

(Photo: Tim Boyle/Getty Images)

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