At the end of the year, many Americans remember that they can reduce their tax bill by donating some money or property.
While reducing the tax bill is a worthy cause, charity is a cause on its own.
So this year I suggest you donate, and donate generously. Keep in mind that due to the bad economy, many charities have been struggling in the last few years, and need your help more than ever.
Please remember to verify that your charity is a registered 501(c)3 organization if you want to use the charitable donation for tax deduction purposes, and make sure to receive a confirmation from your charity that will include an attestation that no goods or services were provided to you. Without that attestation your donation may not be deductible. Please verify with your tax adviser on what exactly the wording should be and make sure your charitable organization is aware of this condition.
This year, as always, I suggest my readers to donate to Wikimedia Foundation – the foundation behind the Wikipedia. You can donate to the Wikimedia Foundation by going to this page. We all use Wikipedia, and always take it for granted, but its not. This site requires vast resources and can only pay for them through your generosity.
Many employers will match your donations, so check with your employers on how you can donate for your donation to be eligible for matching. By complying with the rules set by your employer, you can donate significantly more to the charity of your choosing.
Happy holidays and happy new year!
Your Little Advisor