Protect your year-end charitable donation deductions
Welcome back to the weekly Doing Good Matters podcast. This is the podcast dedicated to those generous people across the U.S. who donate their time and money to charities.
- By giving our time and money, we help make the world a better place.
- By giving our time and money, we do good — and doing good matters.
- And there’s a lot of good remaining to be done, both locally and globally.
Making sure our donated time and money is well spent takes thought and effort. It’s serious work.
Because doing good matters.
We’re building a community of caring people who want to make the world better. And are willing to spend time and energy to make it happen. And to find and support strong charities doing solid work. You can Join the Community now.
- Today’s main topic: Protect your year-end charitable donation deductions. Talking more today about the smart part of the “give smart from your heart” message.
- Each year, December is the biggest month for donations to charity.
- Certainly there’s a spirit of good will and of giving in the air.
- There’s also the reminder that, if you want a charitable donation deduction this year, you need to get it done by December 31.
- How do you make sure that a donation you make this year gets you a tax deduction this year? Even if you make it on December 31?
- How do you prove to the IRS that it was a 2013 donation, not a 2014 donation?
- Of course, you’ll only get an charitable donation deduction if you itemize deductions on your return.
- We discussed three year-end donation approaches, and protecting your 2013 deduction,
- donations by credit card,
- by bank debit card or PayPal and
- by mailing a check.
- See the details in writing at post on how to Protect your year-end donation deductions.
- Had experiences? Have feedback? Share your thoughts in the Reply / Comment section at the bottom of the page. Or email me at ed[@]seriousgivers.org
- Quick link: Free & More, where you can find How to Become a Master Charity Donor book (pay what you want).
- Today’s Charity Baloney is the belief that I can deduct what I paid for a charity raffle ticket. The truth is that there is no charitable deduction for raffle, lottery, bingo or other games of chance.
- If you end up winning, you should check the rules on how to report gambling winnings and losses (you must report winnings, but can deduct losses up to the amount of reported winnings).
- Quick link: IRS Publication 526 – Charitable Contributions (see page 7, left hand column).
- Quick link on gambling winnings and losses: IRS Publication 529 – Miscellaneous Deductions (see page 12).
- Today’s sponsor is the number 1,412,018. That’s the number of nonprofits registered with the IRS as of December 9, 2013.
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About Ed Long, the podcaster
Podcaster Ed Long has been preparing more than 40 years to do this podcast. He knows charities and the rules that apply to them. He’s analyzed charity finances and operations. He’s founded and run charities, and volunteered for them. He’s helped the public and law enforcement fight fake charities, and has served as a philanthropy educator and coach. Before all that he worked as a partner with a major Wall Street law firm. Ed is the founder and CEO of SeriousGivers, which itself is a charity. Ed knows the great work that strong charities can do with the resources entrusted to them, and is passionate about helping others find and support strong charities.