The holidays are a time for giving not just getting.
But if yourehoarding your pennieslike we are, then donating to charity may not be your top priority.
But after we enjoy Black Friday and Cyber Monday, it will be time for Giving Tuesday.
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Instead of buying more stuff, this international movement is asking you to donate to causes you care about.
And theyre asking you to do itright now otherwise, you might not get around to it.
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Its important to understand the rules first, though.
Heres everything you better know.
This year Giving Tuesday is on Dec. 3.
The movement started in 2012, and with the help of social media, it spread quickly.
It has grown into a global phenomenon over the past decade or so.
There are Giving Tuesday movements active in nearly 100 countries.
Last year, roughly 34 million Americans participated, donating a total of $3.1 billion.
Whats This About a Tax Break?
Its true: You might be able toclaim a tax deductionif you donate to charity.
Your itemized deductions have to add up to more than that, or its not smart to itemize.
Doing this is a way to avoid capital gains taxes while still getting that charitable deduction.
Youd want to talk to a financial adviser about this.
We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.
When money is tight,these resourceswill help nearly everyone.
But how can you ensure youre donating to a worthy cause?
(Thats not as easy as it might sound.
Even charities have to pay employees and for fundraisers to make the magic happen).
Maybe youd prefer to donate to a local charity or a more specific cause, though.
You should definitely vet that charity first.
Charity Navigator is a good way to do that.
It allows you to search for charities by cause, location, size and keyword.
Then, more importantly, it displays ratings for each charity based on its finances, transparency and accountability.
Its an easy way to see which charities are responsibly effecting change with the money they receive.
Other websites like CharityWatch and GuideStar also analyze and rate charities.
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Mike Brassfield ([email protected]) is a former senior writer at The Penny Hoarder.
