MoneyConsumerCall 4 Action

Actions

How to help charities before the year's end

Posted at 6:26 AM, Dec 25, 2020
and last updated 2020-12-25 07:39:40-05

This has been a tough year for a number of charities, and they can really use your help. It is not too late to donate, and if you donate by year's end, you might be able to take advantage of some nice tax incentives. Here are a few ways to donate:

One of the best ways to help is by donating cash via check, credit or debit. If you do this by December 31st, you might also qualify for a special tax incentive under the CARES Act. Even if you file using the standard deduction verses itemizing, the CARES Act has a special provision that allows for a tax deduction for up to a $300 of cash donations to qualified charities. Contact your tax professional or visit IRS.gov for more information.

Some charities may also be looking for donations of other items such as household goods. However, before dropping off or sending donations, it may be best to check with the charity to find out what is needed. Many have this information listed on their websites. However, keep in mind, tax incentives may differ for non-cash items.

When considering a donation, do your homework and check out the reputation with trusted sources such as Charity Navigator.org, Give.org, or others who regularly work with local charities.

Report a typo or error // Submit a news tip