Welcome to www.OnlineOrganizing.com -- A World Of Organizing Solutions Your Order Your Shopping Cart About Us Contact Us Site Map
Do You Need Help Getting Organized?Shop For Organizing And Business Development ProductsProfessional Organizing ServicesFind A Seminar, Workshop, Or Keynote SpeakerRead Our Two Free Monthly NewslettersFree Organizing Tips And AdviceResources For Professional OrganizersLearn How To Become A Professional OrganizerUseful Organizing Website LinksUseful Organizing Website Links


Search for:

Category:

You Are Here: Home - Blogs

NEW! - Keywords For This Page:   Gifts - Taxes - Holidays

Blog: Financial Organizing Made Easy & Fun
Open your heart and wallet during the holiday season



Here are 3 simple steps for ensuring your chartiable contributions help you keep that warm and fuzzy feeling come tax time this spring!
 
The busy holiday season is rapidly approaching. For many, the holiday celebrations and family traditions involve the giving of time, resources, and money to those less fortunate.  The end of yet another calendar year also signals an important time for many charitable organizations that depend upon holiday contributions to meet their fundraising goals. Do you plan to make contributions to your favorite charity or organizations this year? Now it the time to send in those pledges and contributions before the calendar flips yet another year.
 
Charitable giving is a great opportunity to support the many causes, organizations, and places that are in need of support. As a supporter you have the opportunity to receive a deduction from the IRS for you generosity but follow these follow these guidelines otherwise you might be the one feeling cold and lonely come the spring time tax season.
 
#1 Get to know your charity and their charitable status.
Ask your favorite organization about their charitable status to ensure your donations are to a qualified organization. You can also call the Tax Exempt/Government Entities Customer Account Services line at 1-877-829-5500 to research an organizations status. The IRS publication 78 lists many of the qualified organizations.
 
#2 Decide how much and how you will contribute.
For 2007 some new tax rules when into effect. These new rules require written documents from the charity or a bank record, such as a cancelled check, for cash contributions of any size. This means you'll need to save ALL those receipts, not just the larger donations. Purchase a small plastic envelope to gather those small donations throughout the year. Also, consider writing checks for contributions over $250 because special rules apply for larger amounts. Ask your tax professional about the required documents.
 
#3 Think carefully before donating clothing and household goods.
In the spirit of holiday giving, think carefully about the usability and remaining life in those items you plan to donate. Unfortunately, many organizations that accept clothing and household goods are to often burden by unusable donations. It's estimated that nearly 5% of annual clothing donations must be discarded because of their poor condition. If that fact is not enough to make you stop and review your donations more carefully then consider this. The Pension Protection Act of 2006, the same one that changed the rules for recordkeeping on cash donations, also changed the requirements for deductions of clothing and household goods. According to the IRS "deduction for these contributions will be allowed only if the items are in good used condition or better." Keep this simple reminder close, if you are not proud or in doubt, then just leave it out of your donation pile.
 
For many the spirit of giving is simply a gift given to those in need. In this holiday season, remember to open your heart and wallet to this less fortunate. Remember to keep the holiday glow well into the New Year by following these 3 simple steps for making powerful and meaningful charitable contributions.
 
For more information on the recordkeeping requirements, required forms, and instructions visit www.irs.gov to order free copies of Publications 78, 526, and 561.

posted on: 11/13/2007 11:30:00 AM by Nanette Duffey
category: Finances


Financial Organizing Made Easy & Fun: < Previous Post - Next Post >
Blog Central: < Previous Post - Next Post >



 



Financial Organizing Made Easy & Fun


by Nanette Duffey

View This Blog

About Nanette:

Nanette Duffey, owner of Organized Instincts, LLC provides professional organizing and money manager services to individuals, families, and small businesses. Before founding Organized Instincts in 2005, she held several finance roles at GE and earned a B.S., Financial Management, from Clemson University. Nanette has appeared in the media and regularly presents to a variety of civic and community organizations. Nanette currently serves as the Treasurer for the NAPO Georgia (National Association of Professional Organizers) chapter. Nanette loves to travel, football, photography, ballet, and learning to cook.

Nanette's Website:

www.OrganizedInstincts.com


Pastime Passions

  • Everyday Food with Rachel Ray
    Long before she was Oprah cool she was just Rachel Ray. Thanks to her easy going style, and speedy recipes I now consider myself a comfortable in the kitchen.
  • Professional Lego Artist
    Self described as 'His work is obsessively and painstakingly crafted and is both beautiful and playful.' Nathan Sawaya transforms my favorite childood toy, LEGO's into an art form that will amaze you.
  • Kiplinger Magazine - It's for everyday people
    One the few magazines that I renew year after year. For about $20 per year it's full of straightforward, easy-to- read articles on personal finance topcis like investing, saving for college & retirement and all things money for today's household. Give yourself the gift of knowledge.
  • Atlanta Ballet
    Fine Art at it's finest for those of us how learned to dance only after we became adults.
  • "When I Was Younger" Commercial
    Thanks to the healthcard giant, KP, I get a healthy dose of the giggles each time this commercial appears. See for yourself.

Organizer's Favorites

  • Mozy.com - Online Data Back-up Service
    When is the last time you backed up your vital electronic files? Mozy offers a online back-up of your files, including no and low-cost options. Check them out online.
  • Quicken - Personal Financial Software


Add this page to your Bookmarks!

E-mail this page to a friend!







www.OnlineOrganizing.com is a service mark of Bradford, LLC.
Content on this site is © Bradford, LLC, All rights reserved.

If you notice any problems with this site, please contact our webmaster.
And if you don't see what you need you are welcome to "ask the organizer" any question!

To see what people are saying about www.OnlineOrganizing.com, check out our visitor comments.

Click here to view our privacy policy.

Calendar Of Organizing Holidays And Events Blog Central Sign Up For Our Free Online Newsletters Join The Conversation At Our Organizing Discussion Board Advertise Your Company On Our Website Be An Affiliate Of www.OnlineOrganizing.com
Check Us Out On FaceBook