CFO 4 Your Biz


Firm announcements and updates.

Donations / Giving Back to the Community

The closer we get to Christmas and the end of the year, the more organizations are pushing for donations / giving back to the community. Sure it feels nice to give money to those cold bell ringers for the salvation army, or buying gifts to give to a family in need. However, if you need to lower your tax liability in 2017, you have less than 15 days to make a donation in order to claim it on your 2017 tax return. 

When you make a donation, make sure to keep receipts and/or documentation for the items or amounts you give. Most organizations will send you a letter at the end of the year or shortly after you made the donation, thanking you for your contribution. However, that is not always the case and as the year goes on, it is easy to forget what charities you have donated to and how much you gave.

Check out the link here for the best charities to give to based on consumer reports. Most people have their go-to charities, but if you are wanting to donate to someplace new, make sure you do research on the charity, and find out exactly where your donation is going. Happy Giving!