Be wise when donating to charity
Abstract: There are ample opportunities to donate to many worthy causes— and to reap sizable tax deductions. The key is to make donations wisely. Otherwise, deductions may not be as large as they could be, or even be allowable at all. As this article explains, it’s important to first determine whether the organization is considered “qualified” by the IRS, so that contributions are deductible. Then one should consider the tax ramifications of different types of donations. And it’s important to maintain records that confirm contributions. A sidebar shows why donating stock is more tax-advantageous than donating cash.