Giving More Than Money
When thinking of ways to support the library, donating money by check may be the first method that comes to mind. However, there are many other ways to support your favorite cause – while benefiting from a tax deduction.
Non-Cash Donations
You can donate items you no longer need or use, such as books, postcards and microfilm. You may also donate jewelry, art, vehicles, boats, computers, and even real estate. If you itemize deductions on your taxes, you can deduct the fair market value of the donation. For non-cash contributions under $250, you need a receipt from the charity showing its name, the date and location, and a description of the property. For more details about documenting your donations and for information regarding gifts over $250, see IRS Publication 526, “Charitable Contributions” (available for download at www.irs.gov).
Volunteer Your time
You may also consider donating your time. Many worthy causes have sufficient money but lack volunteers. Currently in 2004, you can deduct 14 cents a mile as a non-cash donation for travel to and from the place you’re volunteering (see IRS Publication 526).
Give Appreciated Securities
Another option is transferring stocks that have appreciated significantly, to the library. You are permitted to deduct the current market value of the securities and avoid paying capital gains taxes that would otherwise be due upon the sale. You may wish to consult with your financial adviser before donating securities.
Matching Gifts
Lastly, check with your company’s benefits department to see if it offers a matching gift program for employee donations to organizations involved in education, human services, arts and culture, and civic and community improvement. Remember, by contributing through methods other than donating money, you can expand your ability to support causes and organizations that mean the most to you.
Lastly.....
For further information call 850-973-3282 or send us an email
Thank you.
