A Time for Giving and Tax Deductions
Now is the time to start adding up all of those charitable deductions, and contributing even more is always an option should you fall short before the end of 2017.
Allison Miller, tax manager for the accounting firm A.T.K.G., says there are ways to get creative with your donations, such as donating appreciated, publicly traded securities instead of cash. This is now a viable option, and securities deductions are equal to their fair market value cost at the time of donation.
Miller also says the best thing to know when considering charitable giving is if you charge to your credit card in 2017, then it's only deductible in the year 2017 even if you pay off your bill in 2018.
Remember to keep your receipts, detailed descriptions, and dates for all charitable donations.