Six Tips for Tax-Smart Charitable Giving

tips charitable givingWhen done the right way, charitable contributions can lower your tax bill. Of course, this only applies if you itemize your deductions.  If you take the standard deduction, you're not eligible to deduct charitable contributions from your tax bill. Here are some key pointers in giving to charity while also reducing your tax burden. 1. Audit the charity. This tip isn't even tax-smart - it's just the first thing you should consider in giving, and a way to ensure that your money is going to the right cause. Guidestar keeps records of a charity's actions so philanthropists can audit them for their legitimacy, impact and finances. Sign up for a free account and you … [Read more...]