L. Paul Kassouf & Co

 

60-Second Financial Advice

May 15, 2011

 Charitable Donations and Disaster Relief

The tornados of 4-27-11 created many needs in the state of Alabama. There are many organizations providing relief.  It can be overwhelming to decide where to give. Keep these things in mind when making charitable donations.

  1. Designated Funds - Most disaster relief and community rebuilding organizations have a designated fund for "Alabama Disaster Relief." If you want your donation to be used for disaster relief in Alabama, it is best to give to the designated fund rather than donating to the organization for general use. By law, a designated gift must be used for the purpose for which it was designated.
  2. Give specifically - If your desire is to see displaced dogs cared for, churches rebuilt, assist single parents, or care for the needs of the displaced elderly, then give to organizations whose primary focus is consistent with your desire. Remember, only gifts made to 501(c)3 organizations are deductible. Any help you provide for individual families are non-deductible.
  3. Mileage - If you are involved in disaster relief with a charitable organization and you itemize your deductions, keep track of your mileage as you can deduct 14 cents per mile for work with charities on your 2011 tax return.

 

Please feel free to forward this message along to your friends and family.

 

This newsletter is intended to provide you with general financial planning tips. If you have a specific question regarding your financial planning or tax situation please contact us.


L. Paul Kassouf & Co, P.C.