As the year comes to a close, there’s still time to make a meaningful impact with your charitable donations—and even enjoy potential tax benefits in the process.

Tips for Smart and Secure Year-End Giving

As the clock ticks toward the new year, many Americans will make last minute donations to charities so they can take a deduction on their federal income tax. To help these generous procrastinators, BBB Wise Giving Alliance offers the following advice and cautions to help make end of year donations.

• Decide How Much to Give: Review your charitable giving for the 2024 calendar year and determine if you want to make any additional gifts before December 31st.

• Avoid Charity Fraud: Con artists can sometimes strike when donors are rushed to contribute. Review our previous fraud awareness tips that include cautions about emails and social media messages that include links to make donations. It is safest to go to the charity’s website directly and donate there.

• Confirm Tax-Exempt Status and State Registration: Verify an organization’s charitable tax-exempt status by visiting this IRS link (or the Tax Status tab of the charity’s Give.org report). Also, about 40 of the 50 states require charities to register with the Attorney’s General Office or Secretary of State’s office. Keep in mind that the tax status or state registration does not mean either the IRS or state government agencies recommend or endorse a charity.

• Check Give.org: With a click, visit the Give.org website to verify if your selected charity meets the BBB Charity Standards. On our charity search page you can find national and local charities and filter by state, cause area and accreditation status. You can also scroll through the full A-Z list of nationally soliciting charities. Not sure what charity to donate to? Visit AskGive.org, an interactive AI tool that can help you find trusted charities working on the causes you care about. 

• Donate Appreciated Assets: Consider giving appreciated assets like stocks or cryptocurrency instead of cash. Check with your tax advisor about potential tax advantages. To donate appreciated assets, contact the charity or visit their donation page: some charities, like BBB Wise Giving Alliance, accept stock and crypto donations directly on their website.

• Postmark or Donate Online by December 31^st: If you are mailing a hard copy check, it must be mailed to the charity and postmarked by December 31^st to be eligible as a deduction for 2024. You might consider going to the Post Office and using a USPS priority envelope and keep the receipt as evidence of when you mailed the gift. If you give online, make sure you get a dated receipt of your contribution for your records so you can confirm the donation was made before January 1^st.

• To Get a Deduction, Itemize: Only taxpayers that itemize their deductions on their federal tax return will be able to get a charitable deduction. This will take place on Schedule A of IRS Form 1040. The limit on charitable cash donations is 60% of the taxpayer’s adjusted gross income. For more details, see IRS Publication 526. Please note the 2024 version of this publication is not yet available.

Heart of Giving Podcast – Amanda Missey on Healthcare Without Barriers

This week’s Heart of Giving Podcast features an interview with Amanda Missey, CEO, Bergen Volunteer Medical Initiative (a BBB Accredited Charity) which provides in-person and telehealth primary care services and case management services to working, low income, and uninsured Bergen County New Jersey residents earning below 250% of the federal poverty guidelines.

Explore Three of Our Latest Reports

We are always working with charities to publish or update reports for donors. Visit Give.org or local BBBs to check out any charity before giving. Our recently evaluated charities include:

• American Association for Cancer Research
• TechnoServe
• Best Friends Animal Society

Finally, remember to let us know by going to give.org/charity-inquiry if you are interested in seeing a report on a charity not on the list and we will do our best to produce one.