Beware of Scams During Year-End Charitable Giving
Taxpayers have until midnight Dec. 31 to donate to their favorite non-profits. However, make sure you know who actually gets your money.
Non-profit organizations hold a very unique status in society. Unlike corporations, non-profits can avoid payment of federal income tax–and in most cases state tax — if they organize and operate to promote certain causes, which include "charitable, religious, educational," among others. Now, with only days left in the 2012 tax year, many non-profits will make last minute requests for donations because donors also receive a tax benefit — they can deduct the value of the money or property made to the organization. However, donors unfamiliar with the work of an organization should first conduct a little research to ensure that their money goes to the right place and for the IRS approved use. All non-profits must keep strict records of how …
