The end of this year is coming, hard to believe, right? That means it’s not too early to ask those inevitable questions about your charitable giving for 2010. So, start gathering those receipts and figure out what you’ve already given and see if your taxes could benefit from another gift. Check out these helpful tips for year-end giving.
Consider a Pledge
Pledges are an excellent way to ensure that you only give as much as you plan. While they are only tax deductible the year you fulfill them (not the year you make them), they are a sure-fire way to stay within your desired budget.
Donate Appreciated Securities
When you donate appreciated securities, you can claim tax deductions for their full market values and avoid capitol gains taxes. However, you must have had them for more than one year in order to do so. Be weary of delivery dates with appreciated securities. For most companies, if mailed, the date of mailing is the delivery that that will determine their valuation and the year of deduction. If you personally hand deliver the appreciated securities to your agent, that is considered the delivery date. Be sure to allow time with whatever method you choose, and as with everything else, being early is always a good practice.
Seek Early Advice
Talk to your financial advisor for your gift giving for 2012 now. Planning ahead and knowing your limits helps make your financial year run smoothly. Make estimates on tax returns based on your tax forms from the previous years.
Consider Giving from Your Company
Concentrate on giving to the charities that best match your company’s values. Quality over quantity is a good mindset to have. Giving smaller gifts to several organizations versus the same amount to one organization won’t make a difference when it comes to taxes. So this year, consider focusing on fewer charities that suit your brand.