For many of us, this is the time of year families get together to celebrate the holidays in our own personal way. It is full of tradition and memories. It is also the time of year for reflection and giving.
Many of us sit down this time of year and make our annual contributions to charitable organizations with the sole intention of helping others who are not as fortunate. It is estimated that 25 percent of all annual charitable donations made by individuals are made between Thanksgiving and Christmas.
When you make your contributions, here are a few things to remember:
- Only contributions to qualified organizations are tax deductible. Not all nonprofit organizations are qualified.
- When possible, you should try to obtain written substantiation from the recipient organization indicating name, amount, description; and if a non-cash donation, value of any goods or services received or a statement saying none were received. Without written substantiation the donation will most likely be disallowed.
- If the donation of property is in excess of $500, it is required to file a Form 8283 with your tax return.
- If the donation of property is in excess of $5,000, a qualified appraisal must be included with the form 8283.
- A deduction of the fair value of securities (stocks, bonds, etc.) contributed can be taken regardless of the cost of the securities.
Especially at this time of the year we are introduced to many critical needs in our area and around the world. There are many worthy causes and opportunities to help those in need right here in Pickaway County. As you consider where to make those contributions, I would ask you to consider the Pickaway County Community Foundation (the Foundation).
The Foundation is a collection of funds established to support causes and organizations in Pickaway County. It was created by individuals that have been longtime members of our community with the purpose of making a brighter future for the residents and organizations of Pickaway County. The Foundation already has funds set up for numerous purposes and organizations which provide the donor the flexibility to earmark their contribution for a specific purpose.
The Foundation has quietly grown at a rapid pace and has benefited many organizations and individuals since its inception in 2001. It’s one of Pickaway County’s best kept secrets. Please consider investing and making a difference in our Pickaway County.
Jeff Harr, CPA, Board Member
Pickaway County Community Foundation
This article originally appeared on The Pickaway News Journal