DMP Monthly Tips, Resources, and Reminders

Hey there! It's me again hopping into your inbox with my monthly tip, resource, and reminder.

Are you as mind-blown as I am that we're in November and the end of the year is upon us?

What plans do you have to close out the year? Please reply and let me know. I love planning and setting goals and would love to know what you're up to.

In the coming weeks, I'll be working on the annual planning for my business and also doing some personal goal-setting.

If your end-of-year planning involves giving to your favorite charities then this month's tip will be right on time for you!

Ensure the charities you support qualify for a tax deduction

Being able to financially support your favorite causes, charities, and other non-profit organizations is a blessing. Not only do you get the benefit of helping those organizations achieve their missions' but it's been shown that charitable giving has a positive impact on our communities and society as a whole. And, as a bonus, you may be able to benefit too...

The IRS allows you to take a tax deduction for your charitable giving! However, just like all deductions, there are some conditions. For example, to take the deduction, your donation must be made to an IRS-recognized charity.

So, how do you know if your favorite charity is recognized by the IRS? Fortunately, the IRS has a searchable database you can use to find out. This leads me to this month's resource...

If you're not sure if an organization you're donating to is recognized by the IRS you can use this link to search their database to find out.

If you have a specific cause you want to support, there are other websites you can use to find organizations that support that cause like Charity Navigator.

As with everything you put on your tax return, you want to be sure you have proof to support it.

When you donate to charity, always remember to get a receipt that includes the following:

Charity's name
Your name
Date of donation
Amount of donation (for monetary donations)
Description of what was donated (for donations of property make sure it's detailed)
A statement regarding whether or not any goods or services were provided in exchange for the contribution
The value of the goods or services provided by the charity to the donor and a statement indicating the tax deduction may be limited

Lastly, be sure to hold on to the receipt (either a physical or digital copy) for at least three years from the date you file your return.

I hope you enjoyed this month's tip, resource, and reminder to help you on your journey of achieving your personal and business financial goals.

If you need assistance with year-end tax planning, feel free to schedule a call with me to see how we can help.

If you found anything in this email beneficial, hit reply and let me know, and please forward it to others so they may benefit too!

If there's a topic you would like me to address in a future email hit reply and tell me about it. I would love to hear from you!

Until next month,

Devin

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DISCLAIMER: This message has been provided for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors about your personal situation before making any decisions or taking any action.