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Giving
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"Find out how much God has given you and from it take what you need; the remainder is needed by others."  St Augustine

 

Giving is a personal decision. Often our culture, background, family and religious beliefs inform our views on this topic.

Some give by serving causes they believe in as a volunteer. For others, giving is a priority in building their budget. Still others give as the opportunity presents itself.

Uncle Sam gives those that are generous with their time and money with 503 (c) organizations AND who itemize, some tax relief for their contribution to society.

 Mileage and certain other expenses can be deducted

  • Those that give time should log their personal mileage in that effort. If you itemize, you can deduct 14 cents per mile associated with volunteering. Be sure to save other associated receipts.

  • If you give via cash or check, save cancelled checks and or letters acknowledging the donations in case you are audited by the IRS.

  • You may be able to give and avoid some taxation by donating appreciated securities and other assets.

  • If you donate depreciated assets such as cars, be sure to keep good records justifying the value of your deduction as these contributions have been a trigger for IRS audits in the past.

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