End of the year means many are donating to non-profit organizations
It's almost the end of the year, and for lots of us, that means it's time to make our year end donations to non-profit organizations. But the reason why might surprise you.
This is one of the busiest weeks of the year for accountants and other tax preparers. Non-profit organizations like the Salvation Army and the American Red Cross also see a major influx of last minute donations during the last week of the year.
That's because December 31st is pretty much the deadline for making donations, so you can write them off on the tax returns you'll need to file before April 15th.
Ruth Pierce, with Stevens Pierce and Associats CPS’s, said, “ There is not a cap, in general. If you donate stocks or other property, there's some limitations. I guess you do have some limitation on 50 percent of your adjusted gross income. But you need to be able to itemize, and not everybody itemizes their deductions.”
Pierce says people who can itemize on their taxes are usually homeowners who pay state and property taxes - who have interest income - and who make donations, as well.