Jill Russo Foster

Tips for Successful Personal Finances

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Is That Charity Worth of Your Donation?

This year has been challenging, with wildfires, hurricanes and flooding. We all want to help and these people need our help. but you want to give your money where it will do the best and not go to scammers. If you choose to give, and I’m sure you do, make sure your money goes to those in need (not to scammers) through a charity that you have researched.

This is also the time of year when you are receiving mail / calls from many charities who are asking for donations in this holiday season.  Check them out before you make the decision to give.

Fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate and what percentage of donation actually go to the cause.

You can start your research at Give or Charity Navigator. These organizations research charitable organizations to find out how they use the funds they receive – how much actually goes to the cause versus other expenses.

Here are some tips to help in your research:

  • Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations).  Non-profits have stricter requirements, and your donation may be deductible on your tax return.
  • Find about how much of each dollar is being used for the cause versus administration costs and other expenses. The more expenses, the less of each dollar is being used for the cause. Look for the lowest administrative costs.
  • For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional documentation, so speak with your tax preparer ahead of time.
  • When donating non-cash items such as food, clothing, furniture, automobiles etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
  • Check with your tax preparer for specific details for your situation and make sure you get a receipt for your donations with the charity’s information on it.

Do your research and chose the organization(s) wisely.  This is a great way to help out others who are less fortunate than you during this season of giving.

Fact Checking Charities

My heart breaks with all the information and photos from the California Wild Fires. We all want to help and these people need our help. but you want to give where your money will do the best and not go to scammers. If you choose to give, and I’m sure you do, make sure your money goes to those in need through a charity that you have researched.

This is also the time of year when you are receiving mail / calls from many charities who are asking for donations in this holiday season.  Check them out as well.

Unfortunately, it’s fairly easy to set up a charity, and fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate. You should also find out how your money will be spent.

You can start your research at Give or Charity Navigator. These organizations research charitable organizations to find out how they use the funds they receive – how much actually goes to the people in need versus other expenses.

Here are some tips to help in your research:

  • Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations). Non-profits have stricter requirements, and your donation may be deductible on your tax return.
  • Find about how much of each dollar is being used for the cause versus administration costs and other expenses. The more expenses, the less of each dollar is being used for those in need. Look for the lowest administrative costs.
  • For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional documntation, so speak with your tax preparer ahead of time.
  • When donating non-cash items such as food, clothing, furniture, etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
    Make sure you get a receipt for your donations with the charity’s information on it.

Do your research and chose the organization(s) wisely. This is a great way to help out others who are less fortunate than you during this season of giving.

Make 2018 Your Best Year Possible!


Yes, I know it’s a busy time of year to add anything to your do to list.  As the year begins, it’s important to make time to complete this check list of items to make 2018 the best year possible.

Investment Accounts
Think about maxing out your 2018 contributions, especially if you have an employer match. You don’t want to miss out on the free matched funds. If you can’t max out, then add as much as you can. Now is the time to look at your investments, it may be time to re-balance and/or make changes to your accounts.

Health Insurance
Understand what your health insurance covers and what it doesn’t.  If you have a deductible to meet,if possible schedule your appointments so that you can afford the bills.  Remember you may be able to use your FSA (Flexible Spending Accounts) or HSA (Health Savings Account) to plan for some or all of these expenses. Your plan has a list of eligible items you can use the money towards.

Charitable Giving / Donations
If you itemize your taxes, make sure to discuss your charitable giving with your tax preparer as the new tax rules are in effect.

Starting the new year off right will help you throughout the year.

Fact Checking Charities

Fact Checking Charities

My heart breaks with all the information and photos from hurricane Harvey and now Irma. We all want to help and these people need our help. but you want to give where your money will do the best and not go to scammers. If you choose to give, and I’m sure you do, make sure your money goes to those in need through a charity that you have researched.

Unfortunately, it’s fairly easy to set up a charity, and fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate. You should also find out how your money will be spent.

You can start your research at www.Give.org (associated with the Better Business Bureau). This organization researches charitable organizations to find out how they use the funds they receive.

Here are some tips to help in your research:
•  Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations). Non-profits have stricter requirements, and your donation will be deductible on your tax return.

•  Find about how much of each dollar is being used for the cause versus administration costs. The more administrative costs, the less of each dollar is being used for those in need. Look for the lowest administrative costs.

•  For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional paperwork, so speak with your tax preparer  ahead of time.

•  When donating non-cash items such as food, clothing, furniture, etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
Make sure you get a receipt for your donations with the charity’s information on it.

Do your research and chose the organization(s) wisely. This is a great way to help out others who are less fortunate than you during this hurricane season.

Save

Getting Rid of the Clutter

It’s summer and wedding season for us.

Our dilemma, what to wear.  You may be thinking we have a closet full of clothes to choose from and you are mostly right.  Lately, we have been getting rid of stuff.  So here’s what we have done so far this year:

Gowns and cocktail dresses – donated to our local high school for the prom

Suits – Men’s and Women’s – lots of peoples in need for clothing in good condition

Clothing – Check out your local shelter or other organizations that are in need.

Cleaning out and giving back all in one tiny action.  All this has streamlined our closets and hopefully made a difference in the life of someone else.

For more suggestions, view my resources page.

Getting Rid of the Clutter

As we continue to clean out, we have donated several electronics (old computers, printers, scanners, cameras and more) to great local organizations in need.

This is really easy to do with the help of the Cristina Foundation.  They have a website that you can search local non-profits in your area and see what they are in need of.  If you have the item(s), you connect with them for the drop off and/or pick up.  It ‘s a great way to donated and help out others in need.

For more suggestions, view my resources page.

Getting Rid of the Clutter

As we clean out stuff from our home, I wanted to share with you some great resources.  I like to give items to people or charities that can make good use of the items, instead of just tossing.

We had too much luggage.  Yes, we travel and need both small and large suitcases as well as carry-ons, but we had too much!  eBags has this great program called Trade In Trade Up.  You can donate two suitcases in good condition and in return you get a $25 credit at eBags.  We donated two suitcases in June and recently received our credit.  This weekend, we received our new eBags items.  eBags isn’t only luggage, it much more including has back to school items.

For more suggestions, view my resources page.

 

 

Smart Charitable Giving

The end of the year is coming up. People are meeting with their tax preparers to find out how to increase their deductions.

Now is a great time to increase your charitable donations. The charities know it too, so they increase their advertising this time of the year. Most of them look like great causes, but, you need to determine if the charity is legitimate and how your donation will be used.

Choosing a charitable organization can be challenging. Here’s what you need to look for:

  • They must have a 501(c) tax status if you are planning to deduct this on your IRS tax return.
  • Find out how much of each dollar is used for the cause, versus how much is used for administration expenses. The higher the dollar amount used for the cause, the better.

How do you find that information? Go to www.Give.org before making your donation.

Once you have chosen your charities, make sure you have the proper documentation for tax purposes.

  • For monetary donations, a cancelled check can be your receipt.
  • For non-cash items such as food, clothing, household items, furniture etc., you will need to make an itemized list of the items with the value. Your tax preparer can help you to determine the value of each item. Make sure to get a receipt for your donation. Attach this to your itemized list and keep it with your tax records.

Careful Giving

With the end of the year coming up, people are being asked to make donations to many organizations While others are planning ahead for the end of the tax year Either way, you need to make sure the charity that you are donating to is legitimate.

With many people out there to scam people, choosing a charitable organization can be challenging Here’s what you need to look for:

  • Find out whether they have a 501(c) tax status if you are planning to deduct this on your IRS tax return.
  • Find out how much of each dollar is used for the cause, versus how much is used for administration expenses The higher the dollar amount used for the cause the better.

To find out this information go to www.Give.org to do your research before making your donation Once you have decided to make your donation, then you need to make sure you have the proper documentation for tax purposes.

For monetary donations, a cancelled check would be your receipt For non-cash items such as food, clothing, household items, furniture etc, you will need to make an itemized list of the items and the value Make sure to get a receipt from the organization that you are making the donation to Attach this to your itemized list and keep with your tax records.