This is the time of year when everyone is thinking about charitable giving. I spoke with writer Veronica Dagher of the Wall Street Journal last week about on this subject and the mistakes to avoid. Here are some excerpts from the article as well as a quote from me.
Some other tips from the article include:
Leaving a bequest in your will to your favorite charity instead of giving now to avoid outliving your money.
Use a Donor Advised Fund to claim a deduction for several years' worth of giving at one time, to offset taxes from an income windfall.
Donate your time at a charity to learn more about firsthand before giving money.
You must substantiate a tax deduction for charitable contributions of $250 or more.
The full article can be found here.