During the holiday season, we tend to be thinking about those who may not be as fortunate or who have a hard time making ends meet this time of year. We open our checkbooks and donate money to charities. We purchase toys for those families that may not have the means to buy gifts to put under the tree. We pack up our gently used items and give them to organizations that distribute or sell them to those in need. There are many benefits associated with charitable giving, lower blood pressure, depression, stress level, to name a few. Many of these benefits will coincidentally help us get through the stress of the holiday season. However, with the right planning some might help you get through tax season.
With the holiday season behind us and tax season upon us, the following is an overview of six different charitable contributions and how to reap their tax benefits.