Donating this Holiday Season also Provides Tax Benefits
It's the season of giving, and donating to a charity can also provide tax benefits.
Donors can write-off their contributions as an itemized deduction on their tax return.
In order for donations to be tax-deductible, the charity must be a qualified 501(c) organization.
A receipt must be obtained stating the year the donation was made and the amount.
"As we're closing out the calendar year, making contributions at year-end allows them to write it off on their tax return that they'll be filling out here in the next couple of months, so they get an immediate benefit by making a contribution now," said Rob Pietroburgo of Benjamin F. Edwards.
To check whether or not a nonprofit is qualified by the IRS, use this search tool.