Millions Write Off Charitable Donations on Their Taxes

From Thanksgiving to the end of December, the number of charitable donations made in the country doubles and sometimes triples. The income tax system in the United States requires that you file your taxes in April based on the amount you made the previous years. Making one or more donations can increase the amount of money that you get back on your taxes. While some choose to clean out their homes and donate furniture, clothing or other items they no longer need, others prefer making a cash donation.

One Time Donation

The most common type of financial donation is a one time donation. This lets you look at your budget and expenses to decide how much money you can afford to give to a charity. Most organizations accept payments by both check and cash, and some also let you make a donation via credit card or debit card. With a one time donation, you can spread out the money that you give as well, giving each of your favorite charities a small amount of money or making smaller donations to one specific charity a few times a year.

Recurring Donation

If you have a charity that you particularly like, you might opt for a recurring donation. As long as you have a credit card or debit card, you can make this type of donation. You decide how much you want to donate and how often you can donate. You then fill out an authorization form for the charity that gives it permission to automatically charge or make a withdraw using the card you listed. You can make a payment every week, every month or every few months throughout the year.

Making a Donation in Honor of a Loved One

Many people choose to make a donation to an organization relating to a loved one. If you lost a mother or grandmother to breast cancer, you might make a donation to a breast cancer donation site. Some charities may give you something small in return, including a tote bag or an umbrella. Other charities let you purchase a brick on the sidewalk, a park bench or another item with your loved one’s name on the front. When donating to charity, keep in mind that these organizations have needs beyond money. Many also accept vehicles, clothing, home decorations, toys for kids and even real estate.

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