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Follow on Google News | Choosing the Charity That's Right For YouAre you still planning to support a charity this year? Here are some tips on how to choose the charity that's right for you. #familyforward
By: Edward Jones Determine where your passions lie and how much you're willing to give Do you want to save animals? Help find a cure for a specific disease? Contribute to the growth of your alma mater? And do you want to allocate your giving to one organization or spread your donation out over several? By determining first what type of charity interests you, then how much you're able to give, you can narrow down the list. You can gift: -Cash -Annuities -Stock or other securities -Real estate -Personal property Ensure the charity is a qualified, nonprofit organization If you want to be able to benefit from the tax advantages of donating to a cause, you'll need to make sure the charity is Internal Revenue Service (IRS) qualified. The IRS rules for gifting enable you to deduct contributions between 30% and 50% of your adjusted gross income or AGI (your gross income minus allowable deductions). The deduction amount depends on the type of asset donated and the type of organization you choose. These types of groups qualify as nonprofits for tax benefits: -Charitable -Religious -Scientific -Educational or literary -Prevent animal or child cruelty -Foster amateur sports competition -Test for public safety You can visit the IRS website to verify an organization's nonprofit status. If you'd like to make a charitable gift this holiday season, consult your team of professionals – including your Edward Jones financial advisor, attorney and tax advisor – to help you determine which charity makes sense for you. End
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