 If you are like most people, you get into the
spirit of giving during the holiday season. Coupled with tax incentives, the
spirit of the holidays causes a much expected disproportion of charitable
donations during the end of every year. Since 2012 has just started, it’s a
good time to consider being generous now instead of next December.
There are a number of frequently forgotten
advantages to giving early in the year. Above all, if you start to plan your
donations now, you will get to spread the sum of the donation over several
months instead of having a large sum withdrawn from your account all at once.
Not only is it easier on your bank account, but it also helps charities which
are often strained during the non-holiday months. Planning your donations early
also gives you more time to research and pick the causes to which you wish to
give to. Instead of scrambling to find an appropriate charity during the
already hectic last weeks of every year, you can take the opportunity to find
an organization through which your donation will do the most good. If you are hoping to take advantage of the tax
incentives for your charitable giving, there are a few things to consider. To
be able to claim a tax deduction, you must have your tax deductions itemized.
The charity must receive and cash you check or have control of your gift by
December 31, 2012 – gifting early in the year guarantees that you or your
estate can take advantage of the gift
tax rules for that year even if you do not survive the entire year. It is
also important to understand that not all forms of charitable giving qualify as
deductions. The organizations to which contributions are made must also qualify
with the IRS. This is information which most qualified organizations should
provide you on their website, or upon request. As you can see, taking the time to plan your charitable donations
early can be very beneficial. Doing careful research early, can not only be a
benefit to you as an individual, but it can make sure that your donations go a
long way and help valuable causes in the best way possible. |
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