[Ellie]

Questions about charitable giving.
What are the reasons for itemizing charitable giving? Only if you’re giving more than the standard deduction of $12K for an individual and $24K for a couple?

Are there any other reasons to give tax-deductible?

Also, if someone what is the last day for them to give for it to be counted four or 2024 tax deductions?

Lastly, when you donate to a nonprofit through your company through Benevity or some other portal, how does the donation show up on the nonprofit’s side?

Coming from Benevity or from you or some other way?

[Megan]

The last day to donate for 2024 is 12/31/2024.
Organizations should be looking at post marks for checks that come in after 1/1/25 to see if the gift was 2024 or 2025.

Giving online is the best way to ensure that the donation comes in before year end.

Those corporate giving portals do report donor detail to the organization, however not all orgs are great about properly donor crediting.

Unfortunately a lot of org under invest and undervalue revenue management teams.

At a former org I worked for, my colleague and I spent A LOT of time pushing for more donor centric revenue management and guided a lot of record cleanup for giving from programs like Benevity.

[Kyle]

Itemizing for deductions includes charitable donations, your State and Local Taxes up to the SALT cap, interest on a primary residence mortgage, along with a few other things.

If the combination of all of your itemized options totals to more then the standard deduction then it makes sense to itemize.

If you don’t meet the standard deduction then itemization doesn’t make sense on your taxes.

I don’t know how Benevity works, generally if you pay the money it should be your deduction, the matching portion should be the employers deduction.

If you want to do a lump sum donation 1 year to bring yourself over the standard deduction and then spread out the actual donations over a few years then you may want to look into Doner Advised Funds.

[Jenny]

I’m pretty sure when my husband gave through benevity last year on Dec 31st, it didn’t process in time.

Possibly because it was the weekend? Just fyi.

[Author]

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