Year-End Donations

While we know that your primary motivation to donate to REAL Services is a desire to make a difference, we also think you should know that great tax benefits exist for those who give.  While it is always better to give than receive, the nice thing about charitable donations is that you give and receive at the same time.

Here are some of the benefits you should know about:

• A gift to REAL Services may entitle you to a charitable contribution deduction against your income tax if you itemize deductions. If the gifts are deductible, the actual cost of the donation is reduced by your tax savings. 

• A contribution to REAL Services is deductible in the year in which it is paid.  Putting the check in the mail to the charity constitutes payment. A contribution made on a credit card is deductible in the year it is charged to your credit card, even if payment to the credit card company is made in a later year.
   
• There are limits to how much you can deduct, but they're very high.  For most people, the limits on charitable contributions don't apply. Only if you contribute more than 20% of your adjusted gross income to charity is it necessary to be concerned about donation limits.
  
  
• Rules exist for non-cash donations.  If you contribute property owned for more than one year, the value of the deduction is normally equal to the property's fair market value. You have an advantage when you contribute appreciated property because you get a deduction for the full fair market value of the property. You are not taxed on any of the appreciation. 

• Remember to document your donation.  No deduction is allowed for a separate contribution of $250 or more unless you have a written confirmation from the charity. A canceled check alone is not enough.  REAL Services provides a letter for every donation received, regardless of size.

Ready to donate?  CLICK HERE

For more information visit Charity Navigator.