Contemplating a Gift to Charity? Be smart about it!
We’re nearing the season to give to our favorite charities. Be smart about it! You can do better than just writing a check. Here’s a sampling of strategies to use.
Do you drop twenty dollar bills in the red Salvation Army bucket? Or nod “yes” when the grocer asks if you want to donate to the store's charity? You can give 25% more! Write a check, and take the tax deduction. If you drop a $20 in the red bucket 10 times over this holiday season, that's $200. If you and your spouse earn over $74,000, you pay taxes at the 25%+ tax rate. Writing a check for $200 and taking the deduction on your tax return saves you $50 which you can add onto your next check to charity.