At the beginning of the year, many folks set goals to give back to their community. If you were one of those people, it's time to hash out how you'll reach that objective, as we're already at the halfway mark to a new year! To help you make the most out of your charitable goals, we've compiled a guide on what you should know when donating.
Grab a receipt of donation
One thing you should know when donating is to always ask for a receipt of donation. Remembering to do this will keep you from kicking yourself in the following tax season. If your contributions throughout the year exceed your standardized deduction, you can receive a greater tax break. It turns out that giving back can alleviate some financial pains for you, too!
Dig a little deeper on the organization
The first charitable organization that comes to mind might have a thoughtful slogan or popular following. But, you must dig past these surface-level features to confirm they're the organization you want to donate to. A few considerations include the following:
- How they finance or redistribute their annual donations
- Previous success stories and their charitable plans for the upcoming year
- Recent public relations stories
- Their mission statement (what they hope to accomplish and how they plan to do so)
Additionally, understanding the difference between public and private charities and knowing which one your prospective charity is will inform how involved you are with it and how frequent your donations may be.
Don't do it over the phone
As much as we'd like to highlight the good in the world, we have to acknowledge the unfortunate realities, too. Some scam organizations pose as charities, calling people in an attempt to acquire donations for nonexistent causes. Whenever you receive a call about a charity, and it piques your interest, ask for their website so you can make a more informed decision on its legitimacy.
With preparation and research, you can truly make the most out of your financial donation. Assuring that the organization of your choice is legitimate and assessing how they redistribute their donations will help guarantee that your money is going toward the betterment of the community.