The last two days of each calendar year are generally the busiest days for online giving nationwide, as donors take a look at the opportunity to make the most of their year-end tax situation.
Should you consider “year-end giving?” Any day is a great day to give, but giveMN has put together a short Q&A list to help you decide whether to make a gift by the end of 2016—read the IRS charitable contribution guidelines for official in-depth language—and how a free account on GiveMN.org will keep you from searching for paper receipts!
How could year-end charitable giving help my tax situation?
At the end of the year, tax filers have a clearer picture of their individual tax situations. If you are near the cutoff between tax brackets, charitable gifts may help you lessen your tax burden when you file in early 2017. Additionally, with the amount saved in owed taxes, you can stretch your dollar farther to help your favorite cause!
What type of organizations should I donate to in order to qualify for charitable giving?
All certified 501(c)(3) organizations are eligible to receive tax-exempt donations. In addition, most churches, synagogues, temples, mosques and government agencies are considered de facto eligible to receive tax-exempt donations. All organizations listed on GiveMN.org are eligible.
How may I make a donation?
By using GiveMN.org, you can search tens of thousands of Minnesota nonprofits and schools by keyword or location and make an instant donation using your credit card and receive an immediate email receipt. You may also give a cash or check donation directly to a cause you care about—just make sure you receive a receipt.
What are the benefits of using GiveMN.org for making my donation?
GiveMN.org is Minnesota’s front door for charitable giving! You’ll find thousands of eligible nonprofits and schools when you search by keyword or location. Upon making your donation, you will receive an immediate email receipt. Better yet, we’ll provide one report detailing all of your charitable giving for the previous year early in 2017.
What is the deadline for charitable gifts to count for my 2016 taxes?
Donations using credit cards must be transacted on or before December 31, regardless of when the credit card bill is paid. If you decide to mail a check, it must be placed in the mail in 2016.
What types of records do I need to keep?
You will need to keep some sort of documentation issued from the organization displaying the name of the charity, date of contribution, and amount of contribution. This typically comes in a receipt either mailed or emailed to you from the organization. By using GiveMN, you receive an email receipt immediately. Additionally, by creating an account, you can download a report of all of your charitable giving on GiveMN.org near the beginning of 2017.
If you would like to make a charitable gift to count as part of your 2016 tax returns, remember to make the gift by midnight on Saturday, December 31! Want to make a quick gift to a Minnesota organization or learn more about worthy causes in your community? Visit GiveMN.org to search by keyword or location, find an organization or school (or many!) you are passionate about, and make a gift in seconds!