As the year draws to a close, it's a good time to look over your charitable contributions for 2014. If you haven't kept track of them throughout the year, you may need to do some research in your checking or credit card records. I keep a running spreadsheet of my donations to keep things organized. But the time is well spent since you'll need this information for your tax return if you itemize.

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.  Look through the requests you have received (that didn't go right to the recycling bin) 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 you are 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. Donations need to be made and checks mailed by December 31 to be deductible on this year's taxes.  Make sure you keep a record of all of your donations for tax purposes.