This has been a tough year for a number of charities, and they can really use your help. If you do so by year-end, you may 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 Dec. 31, you might also qualify for a special tax incentive under the CARES Act. Even if you file using the standard deduction versus itemizing, the CARES Act has a special provision that allows for a tax deduction of up to $300 for cash donations to qualified charities. Contact your tax professional or visitIRS.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
