Today is Giving Tuesday
December 02, 2014As you reflect back on your holiday weekend, what are you thankful for? Hopefully, you had a chance to share a Thanksgiving meal of turkey and all the fixings with your family and friends, followed by pumpkin or pecan pie.Perhaps you headed out early to the mall for the deals on Black Friday, where (if you shop like I do) you bought gifts for your loved ones and a few things for yourself, too. For those fortunate enough to be able to buy a turkey feast and to hit the malls or get in on the cyber deals online yesterday, how about giving today to those much less fortunate?
December 2nd is the third annual Giving Tuesday, a global day dedicated to giving back. Meant to encourage and celebrate activities that support nonprofit organizations, this global movement has benefited over 10,000 organizations worldwide. Last year, the average Giving Tuesday online donation was $142.05 according to www.givingtuesday.org.
On the website, you can click on the USA tab and find your local city for a list of organizations to donate to or simply search for your favorite charity. I decided to give to the Chester County Food Bank, which helps serve the hungry in Chester County, PA. I can check back after December 5th to see how many other people participated and how much money was raised for local non-profits.
As the saying goes, “it is better to give then receive.” But you actually do receive something in addition to the joy of giving, and that’s the potential for a tax deduction from Uncle Sam. After donating online, you can get a receipt to show you gave to a 501(c)3 organization. Your charitable contribution can then be entered on Schedule A of your federal tax return, where the amount you can deduct cannot be more than 50% of your adjusted gross income. You can learn more by reviewing IRS Publication 526 on Charitable Contributions.
Who are you giving to this year? Feel free to publicize your favorite charity in the comments section below. And don’t forget to keep the receipt!