Thursday, May 8, 2008
Cash Gifting Programs: What You Need to Succeed in Cash Gifting
Article Source: http://keywordbeast.com
Thursday, February 14, 2008
CHARITY DONATION
Each year charities bring in millions of dollars from kindhearted individuals who would like to help those who are less fortunate Unfortunately these charities are also the target of unscrupulous scammers who would like to take advantage of the kindhearted donors as well as the people who need the donations The abuse of charities and the disasters they try to bring relief for is not a new event charities donations,charitiy,charity donation,charity donations,clothes donations,clothing donations,goodwill donations,hurricane donations,non profit donation,political donations,red cross donations As a matter of fact con artists have been going door to door soliciting funds for fake charities for many years Sometimes these con artists have even pretended to work for a real charity to get individuals to donate money which of course they kept for themselves
One of the most recent charity scams to hit the Internet was when hurricane Katrina rate have it on the United States coast Scammers who watch the news closely went to work before Katrina even hit land to create web sites which would collect money from individuals who thought the money would go to the Katrina victims These web sites were a perfect match with real web sites which are wellknown such as the American Red Cross Dozens of fake charity site sprang up all over the Web to take advantage of this disaster Many people thought that they were actually on a legitimate web site for the Katrina disaster and made donations which they thought were going to help the victims of the hurricane Of course the hurricane Katrina victims would never see a painting from these
If you would like to donate to a charity online but would not like to be scammed there are a couple of things you can do to ensure that you are not a victim your self One of the first things you should do is always be suspicious of an email asking you for money no matter what organization the email claims to originate from Many people answered emails that they thought were from the American Red Cross and made donations only to find that their money was simply given to scammers The American Red Cross will never send an email to anyone asking for a donation so if you ever receive one claiming to be from the Red Cross you know it is a fake and you should report it to the Red Cross Another danger of answering an unsolicited email is that some of them ask for personal information which if given can leave you open to identity theft You should also note that if you answer one of these emails you run a very strong chance of getting more of these illegal solicitations because the individuals who sent you the original email will sell your personal information to others You should also be wary of any charitable organization of which you have never heard of All legitimate charitable organizations are required by law to be registered with the Internal Revenue Service These organizations must also keep records and account for all of the money which they have brought in and where the money was spent If you are suspicious about an organization simply check with the IRS to see if they are registered If you happen to find yourself scammed by an Internet Charity scam then you should immediately contact your local FBI office and lodge a complaint By doing this it may be possible to stop others from being taken and to get the fraudulent charity shutdownThe first thing you need to know is there are two types of deductions If you take the standard deduction there is no additional deduction for charitable giving You are giving to be charitable If you are itemizing your dedutions you can deduct charitable donations .
An act of charity can change the lives of numerous afflicted people around the world. Each one of us is surrounded by people who are much less privileged than us. These people are unable to lead a decent life due to lack of basic amenities to sustain themselves and their families. They may either be born into impoverished circumstances or may be rendered homeless and poor by natural calamities. Natural disasters make an already pitiable situation even more pathetic. These natural disasters that render millions of people homeless every year in one part of the world or the other impel us to look beyond donating to the local charities, as well. A little contribution by the more privileged population can help rebuild the life of someone,. Unsure about where and to whom you wish to make your donations? Theoretically, it doesn’t really matter as to whom you are eventually helping because the desired result should be to help make someone’s life better and that is achieved through your donation. However, each one of us has an inclination to work for a cause which affects us much more than anything else disadvantaged children, abandoned old people, people suffering from cancer, AIDS or some other malignant disease, physically and mentally challenged people or economically disadvantaged population. In times of natural disasters, however, charity donations in cash or kind must be made to the afflicted population without sparing a thought for any other criteria or discrimination. For the charity donations that we make a part of our everyday life, we can choose the institutions we would like to patronize.It is easy to locate the institutions that have actually helped rebuild and enhance the living standard of the disadvantaged population around us. Some of them could be working in your own community, around you. In the rare chance of not being able to find one in your vicinity, you will be able to get enough information from relevant sources. So, start donating today and gift someone a chance to lead a decent life through your charitable deeds.
Both cash and noncash donations can be deductible In some cases there could be carryovers from previous yearsCheck IRS pub 78 This is a list of qualified organizations Only donations to qualified organizations are deductible Publication 78 is available online Go to www irs gov and type the words Search for Charities into the keyword box It is also available at most libraries Besides the organizations listed in 78 donations to churches mosques and other religious organizations are deductible
Cancelled checks bank records credit card receipts or statements Personal diaries and banking ledgers are no longer acceptable proof of giving The gift is deducted in the year that the donation was made If you used your credit card to made a donation you deduct it in the year you made the donation Any checks mailed in 2007 are deducted on your 2007 return For any donation over $250 you must have a written statement from the organization If you make a donation and receive a token gift in return the entire amount is deductible If you make a donation and receive return address labels in return the entire amount is deductible If there is a substantial benefit from the donation the fair market value of the gift is subtracted from the donation Cash donations are reported on line 15 of
Despite the claims of certain organizations raffle tickets and other games of chance are not tax deductible The dollar you spend on chances from churches and other organizations are not donations Last year and this year there has been an experimental program involving individual retirement accounts Owners of traditional IRAs must start taking distributions in the year they turn 701 2 These distributions are taxable Now owners of IRAs may contribute up to $100 000 to any qualified organization If these donations are made directly from the account to the organization they are not taxed All non cash donations must be in good or better condition This rule went into effect on August 17 2006 The deduction for used clothing and household goods is the fair market value of the item That is the amount an item would be sold for now The amount originally spent on the item is irrelevant A kitchen table that cost $300 when the owner bought it may be sold for $30 at a thrift store The deduction is $30
If an article has increased in value adjustments are made to the value to figure out the proper amount to deduct
When cars are donated the smaller of the FMV on the date of donation or the amount the charity grossed from the sale of the article is deductible For any gift over $500 you must attach form 8382 to your Schedule A For gifts between $250 and $500 you must have a written statement from the charity For gifts under $250 you should try to get a receipt from the organization When this is not possible a detailed list of what you donated is necessary
You are allowed to deduct some outofpocket expenses when calculating your gifts to charities deduction For instance you may be able to deduct the cost of gas and oil used during the time you are using your car for charity Or you can use a standard mileage rate You cannot deduct general maintenance or repairs
Each type of charitable organization is characterized by 50% 30% or 20% You can deduct 50% of your AGI if it is donated to a 50% charity The same principle applies to the other categories Any amount you cannot deduct this year can be carried over and deducted in the following year Theres a zillion charities out there and they all want your money They resort to all sorts of gimmicks to get it too They call you and tell you theyre not asking for money they just want you to mail 10 letters to your relatives friends and neighbors When you do that the idea is the person you send the mailer to will think you endorse the charity and want them to do the same So basically you get the unenviable job of soliciting for that charity Then theres the charities that send you card bookmarks tiny photo albums etc There they sent you that three cent item now you should send them $30 or $40 bucks And what about the solicitor who tells you he represents the firemen or police officers Ive got news for you its a paid phone solicitor thats calling you not your fireman hero Now dont get me wrong I have nothing against charities per se I donate to a fair number of them myself However you can take it to the bank I check them out before I give them any of my hard earned cash I understand their need for money I think we can all understand that After all they couldnt go out there and save the whales or support research or feed the hungry without money I understand that a percentage of every dollar I donate to them goes into fund raising and expenses What Im interested in is what percentage goes into places other than the altruistic goals of the charity
My favorite site is sponsored by the American Institute of Philanthropy their evaluations are stringent and without bias I like that when Im trying to figure out the best place to donate my money If you want their full list of evaluations itll cost you three bucks I think its worth the money Fundraising for charitable purposes is always a noble undertaking It is however an achievement that cant be done overnight Determination and perseverance is needed to launch a successful fundraising event genuine love and devotion would ensure its continued survival Here are the first five lessons of Fund Raising 101 Keep them in mind and inside your heart when you finally take the necessary steps to start your fundraising campaign
Choose your beneficiary wisely There are certainly thousands of ways you can provide aid but to succeed you must feel an instant connection a strong bond if you will with your beneficiary The plight of orphans could for instance remind you poignantly of the time you yourself was a foster child once This connection will serve as your primary source of inspiration later on helping you constantly develop more ideas to attain your fundraising objectives Enlist the help of others This isnt just about picking anyone who wishes to join your cause Your selection process must resemble whats being used in todays large corporations The number of contacts skills and abilities shouldnt be the only things that matter you must take the time to know as well why theyre joining and what they believe they can get out of joining your cause
Initial spending is unavoidable with a fundraising campaign and unless you have enough money in your pocket to shoulder the capital expenses its wiser for you to appeal to the bigwigs for financial aid Explain to them the need for capital money for your campaign to hit the ground running and give them a detailed accounting of how you plan to use the money Corporations and wealthy citizens would welcome the idea of donating more warmly if their donations are tax deductible For this to happen you must file the necessary documents to make your foundation legally recognized Next you do everything possible to ensure that your foundation is given the approval by the law to solicit taxdeductibledonations Research well because this particular step would prove to be very beneficial later onOrganize diversified events for your fundraising campaign to be able to tap all sections of the market Its imperative that you think of your fundraising campaign as a business knowing you are striving to earn profit for the benefit of others Make some of these events regular occasions to foster the feeling of tradition and permanency among your donors. Every year, millions of dollars pour into charity donation organizations. Most donors donate religiously for a cause they feel interested in. Generous donations may also be triggered by a widespread devastation caused by a natural disaster. However, it is unfortunate that donations made in good faith to a charitable donation organization might actually be misappropriated. This might happen if the donors do not carefully check the credentials of the charitable organization they are donating to. Hence, donors should be careful enough not to throw away their cherished possessions to unscrupulous organizations working under the garb of charitable donation organizations.It is not tough to locate organizations that are recognized and are doing vital work in building or rebuilding the lives of afflicted people all over the world. With numerous federally recognized charities around you, it is easy to locate one where your hard earned dollars will be put to good use. When you donate to a charitable organization, talk at length with the representative of the organization regarding the objectives of the organization, their programs for the alleviation of the problem they are working for, how they intend to use your money and last, but not the least, ask for the receipt of your donation for your tax deduction. You may even follow up with the charity you donate to, to ensure that your money was put to the right use. Make sure that the charitable donation organization is registered or licensed by the state with the 501(c) (3) status. You can check the validity of the charity organization at the National Association of State Charity Officials website http://www.nasconet.org/. When you donate to a charitable organization, you help someone rebuild a life. Don’t let someone lose the chance to rebuild his life by placing your money in the hands of unscrupulous elements.Wouldn’t it be the love of God and our love for our fellow humans that comes first and inspires all of the others? How could we have any of the others at all without these two? God’s love for us is the role model. We learn from God’s unconditional love to give that same love to others.
Only when we remember how richly we have received from Spirit can we have any feeling of benevolence, right? And from that feeling of benevolence or charity, don’t we often take action? We give. That giving is not necessarily to those who are poor in the realm of material things. It can also be giving to those who are feeling in poor health or who are somehow feeling spiritually impoverished.We may not think we have enough for ourselves and so we are reluctant to give to charity or act from the feeling of charity in our hearts. Is that true? No. Almost everyone has something they can spare.Mother Teresa has been quoted as saying that Americans think there is poverty in India, but India does not have the kind of poverty we have in America. She said that in India, if a poor person had only one banana, they would give half their banana to another starving person. But in the US we have many bananas and we won’t even give one away.Why don’t we take a really close look at what we have and what we can spare? Then we can find the charity in our hearts and give half of our banana to those who have no banana at all. Look around you closely. It could be your husband or your daughter or maybe your next door neighbor who needs your gift of charity and love. Charity does begin at home.
Charity is perhaps the best feature of humanity. It is a perfect way to support the downtrodden. There are many types of natural and man made evils in our society. So, there are variable causes for which the blessed ones can and should donate. Unlike before, nowadays there are numerous charitable institutions across the globes that are working in different areas. The main aim of a charitable organization is to help the people in need and work for their development. For instance helping in the rehabilitation of victims of natural disasters like famines, tsunami, earthquakes etc., working for prisoners of war or any oppressed community, child education, women upliftment and so forth are some different tasks taken up by these organizations. So, charitable organizations can variously be literary, religious, scientific and so forth. These organizations largely rely on government grants and the charities/ donations by the well to do section of society in order to function or continue with their respective social service. However, people may have different motives behind donating money in these charitable foundations. While there are those who contribute for the sake of human welfare there are others who do it to earn recognition and save tax. Tax wavier possibly is one of the foremost reasons at the moment that instigates many affluent people, multinational companies, and corporations to give money in these institutions. However, those who donate for the purpose of saving tax should keep in mind that every charity is not tax deductible.
Wednesday, April 6, 2005
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