(Closed) Year-end donations- advice please!

posted 7 years ago in Money
Post # 3
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

I agree that it should be based on your take home.  I don’t know about you but for us it’s really hard to itemize now that we don’t have a house that goes into itemized deductions.  Make sure that you can really afford what you are giving.  I’m not trying to be selfish there but realistic.

Post # 4
Member
1145 posts
Bumble bee
  • Wedding: October 2000

I don’t have specific advice but I found an excellent FREE program to keep track of your annual deductions.

It’s http://www.itsdeductible.com. It tracks everything you give and imports directly to Turbotax if you use that (but you don’t have to). It makes me really happy to check out how much we are giving along the way and very easy to use. They itemize all of your donations too. For example, I donated women’s jeans in good condition and 3 t shirts in fair condition–and it gives you a specific cost for each item.

Sometimes I think, we could have so much more $ to go to our car fund or education savings or IRA if we didn’t give so much, but ultimately I realize it helps us to stay on track in the bigger picture of our lifelong goals and how we want to impact the world with our finances. Hoping for the best and that you work out an agreement to both of your satisfaction soon!

Post # 5
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

Oh It’s Deductible is great for keeping track of donations made to Goodwill and places like that!

Post # 6
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

I think it should be done on take home pay, too. But i’d have a hard time with 10% of our joint pre-tax salary…that’s a car, dude. I’m generous, but i can’t be THAT generous, eek! It’s just not an affordable thing for us. Like MissAsB said, make sure you actually CAN afford it and are okay making those personal sacrifices (i’m currently saving for a car so uh, sorry, i’m selfish),. And clothes, etc totally count. I add that to my donation deductions list.

If you aren’t on board with the 5%, how do you feel about donating your time? I’d rather donate my time than money.

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