As we approach the end of the year, one concern that often arises is how to reduce your overall tax burden. A common step is to make one or more charitable contributions. Is this a good idea? If you decide to give, what organization(s) are worthy of your contribution? And what type of contribution are you prepared to make?
Do Charitable Contributions Reduce Your Taxes?
A charitable contribution deduction is generally available when you give to an organization that is exempt under Section 501(c) (3) of the Internal Revenue Code. However, there are several things that should be noted: