Managing Charitable Donations

emergency-fundsAlthough charitable donations fluctuate year in and year out, Americans give more to philanthropic efforts than almost any nation in the world. Giving a donation is a noble thing, but it can become a headache if you do not manage your giving properly. Take a look at the tips below for some guidance on how to best manage your giving and ensure you have everything you need come tax time.

Make Donations at One Time
If you donate money to a charity or organization multiple times throughout the year, consider donating a lump sum once a year instead. This makes the process of tracking your donations easier. Keeping up with multiple donation amounts can be daunting and overly stressful. If you feel comfortable with making a single, larger donation, this is a great way to keep better track of your philanthropy efforts.

Get Proper Tax Forms
Getting the proper tax forms from a charity to which you donated can save you a lot of stress later. In addition to getting the correct paperwork, it is imperative that you fill out the paperwork properly. If you need more information on how to accurately compete your donation forms, visit the Internal Revenue Service’s website.

Concentrate your Donations
Concentrating your donations among a handful of organizations that you feel strongly about can ensure an easier process for managing your donations. It would be nice to donate to many organizations; however, most of us don’t have the luxury to be able to do so effectively. Choose charities that you feel passionately about; it is also important to pick charities that offer clarity and transparency, so you know where your money is going.