The halls of our office are filled with holiday cheer, and we’re excited continue a favorite office holiday tradition for the 15th year! This year we will again be participating in the Clark’s Christmas Kids Toy Drive.
Every Christmas, Clark Howard and News/Talk WSB join with the Georgia Department of Family and Children’s Services to provide gifts for foster kids across Georgia. The generosity displayed during this time of giving is a gift that truly lasts a lifetime to these children.
Each year, we donate in honor of our clients. This year, we have fulfilled the holiday wish lists of 50 children through this wonderful program.
If You Are Thinking About Donating To a Charity…
Giving makes us feel like we’re part of something bigger than ourselves. We do this from our heart, but it can also have a positive impact on our pocket. Here are a tax implications to consider when it comes to giving.
Cash donations. Usually, this type of giving is fully deductible for the exact amount you gifted. If you donate more than $250, though, you’ll need a receipt. If you give the charity cash rather than a check or credit card, you’ll need to request some kind of bank statement or receipt, no matter the amount.
Appreciated long-term assets. In most cases, you can deduct the full fair market value of long-term securities that you have held for more than one year. However, the deduction is limited to 30 percent of your adjusted gross income (AGI) compared to the 50 percent limit for donating cash to charities. Donating your stocks directly to a charity can offer more tax benefits and can lower your income tax bracket.
Volunteering. Although you cannot deduct the time you spend volunteering, you can deduct the transportation costs and other expenses related to your charitable work.
To learn more about Clark’s Christmas Kids and how you can donate, click here.
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