End of the year comes, everyone starts thinking about their charitable contributions especially for tax purposes.
Many people are questioning the timing of their generosity because no one knows what's happening with tax reform.
Look, there's talk out there that your charitable deduction may be reduced in 2017 and if that worries you -- talk to your advisor and pull your 2017 contributions into 2016
Total crapshoot, but if it helps you sleep at night, go for it.
Start thinking about your donations and don't forget your appreciated stock, especially since we have had this little "Trump Rally."
Remember -- If you donate stock to a charitable organization, you don't owe capital gains tax and your deduction will be equal to the stock's fair market value.
Now the IRS has been cracking down on the documentation of donations. So you need a receipt for EVERYTHING!!!
No amount is too small.
Any cash contribution - regardless of the amount - needs a receipt.
If you're going to make a last minute contribution on your credit card, make sure its stamped December 31 or earlier.
If you donate anything that is $250 or more, you need a Thank You note from the charitable organization.
It must say that no goods or services were received in return. So if you buy a seat at a dinner, your deduction can't include the cost of the food.
Remember that all noncash donations over $5,000 need an official appraisal
Don't Forget the little stuff -- If you make cookies for a bake sale, you can deduct the ingredients.
If you drive to help out a charitable event, you can deduct 14 cents per mile you drive.
So keep records and receipts of everything, because while it feels good to give, it feels rotten to get audited.