Are You Still Celebrating?
December 29, 2009New Year’s Resolutions
December 31, 2009In order to deduct them on your 2009 income taxes, charitable contributions must be made by December 31st — that's tomorrow.
Many charities get much of their annual budget in the last two months of the year so they send out a lot of solicitations in this period. You probably have quite a few sitting around. This evening, look through the requests you have received and the charitable donations you have already made this year. Decide how much more you want to give. (I strive to donate a specific percentage of my annual income to charity. At the end of the year, I can check my pay stub to determine how much more I need to give to hit my target.)
Once you know how much money you have to donate, log on to the Internet and check the financial records of the groups I am considering for donations. What percentage of their funds raised actually goes to the cause? What percentage goes to administration? What percentage to fundraising?
After identifying the charities you want to help, divide up the available funds and either write the checks or make online donations. Make sure you keep a record of all of your donations for tax purposes.