Only 10 Donating Days Left Until the End of the Year

We’re pretty certain that if you have a mailbox, it’s crammed with end-of-year appeals from well-meaning nonprofits that you’ve helped in the past or ones that found your name on some list. And whether or not you open each letter, the truth is that you only have a week and a half left until the year is out and you can make some last-minute donations out of the goodness of your heart (and to receive some tax benefit).

We’re not accountants (but we hire one each year), but the following are some quick tips to keep in mind if you’re thinking of opening your wallet this week or next. Be sure to seek qualified professional help if you have deeper questions.

The IRS has a long list of things to keep in mind. You can wade through it all for more details, but the highlights are these:

• You can deduct donations you made of clothing and household items, but you need to make sure you place an accurate value on those things. Many nonprofits should be offering you receipts when you drop off items, so make sure you keep those on file.
• Save all those acknowledgment letters organizations have sent you when you donated. Those serve as proof of your donation and contain all the necessary legal mumbo jumbo. If you donate now, you’ll get your thank you note after the first of the year, so make sure you hang on to it.
• Donations of large items (worth over $500) come with a few more hoops to jump through, so make sure you get all the necessary information needed from the benefitting nonprofit.

AARP also has a great list of 10 things to keep in mind. The most important thing they point out is that you can only deduct the amount you actually gave (and not what you pledged) during 2011.

The good news is that 2011 is expected to be a great and generous year as the economy slowly grows. So, make sure you spread the love to organizations doing good work, whether it’s between now and the end of the year or on into 2012.

What organizations do you think are worth supporting with some extra year-end cash?

Let us know in the comments below.