Maximize Your Tax Deductions: Tips for Making a Tax-Deductible Donation in 2024
As the clock ticks down on 2024, Iowans are looking to make those last-minute charitable donations to boost their tax benefits for the coming year. However, before you grab your checkbook, there are some important things to consider to ensure your donation is going to the right place.
Do Your Research Before Donating
Teresa Fritz, from the Better Business Bureau, stresses the importance of researching charities before making a contribution. According to Fritz, the bureau evaluates hundreds of charities on Give.org based on 20 different criteria, with accountability being a key factor. It’s essential to ensure that your money is being used wisely to support the organization’s mission rather than just covering administrative costs.
Beware of Similar-Sounding Organizations
During the holiday season, many charities receive a significant portion of their annual donations. However, Fritz warns that some organizations with similar-sounding names may not have the same charitable intentions. Before you donate, make sure you have the exact name of the charity to avoid any confusion or cases of mistaken identity.
Protect Yourself When Giving
If you receive a call from a charity you’re unfamiliar with, be cautious, especially if you feel pressured to donate. Fritz recommends using a credit card for your donation as it provides additional security and assistance. In the event that you discover the organization is a scam, you can easily stop the donation on your credit card or halt a check by contacting your bank promptly.
Access Resources for Wise Giving
The Better Business Bureau’s Give.org website is a valuable resource available to anyone for free. This platform, part of the Wise Giving Alliance, offers insights and evaluations to help donors make informed decisions about their charitable contributions.
By taking the time to research, verify, and protect your donations, you can ensure that your generosity has a meaningful impact while maximizing your tax benefits in 2024.
Let’s face it – the holiday season is a time of giving, but it’s also a time when scam artists are on the prowl. We’ve all heard stories of well-meaning individuals who fell victim to fake charities or donation schemes. It’s heartbreaking to think that your hard-earned money could end up lining the pockets of fraudsters instead of helping those in need.
That’s why Teresa Fritz’s advice is so crucial. By doing your due diligence and checking the legitimacy of charities before making a donation, you can safeguard yourself against potential scams. Remember, a little research can go a long way in ensuring that your charitable contributions make a real difference where it’s needed most.
So, this holiday season, as you open your heart and your wallet, take a moment to verify that your generosity is going to the right place. After all, the true spirit of giving lies in helping those who truly need it, not in falling prey to deceptive practices.
