HappyLady
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Post by HappyLady on Feb 26, 2011 13:32:13 GMT -5
I've always wondered when people say "I donate 10 or X% of my income to charity", what that really means.
Do you add up small things through out the year, like if you give a bag of groceries to the food pantry, or make a small donation to your nieces fund raising effort or buy a toy for Toys for Tots? Or do you just figure the X percent is whatever you make regular checks out to charities for each year?
I've never figured out how much I actually donate per year, so am curious how others keep track.
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TD2K
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Post by TD2K on Feb 26, 2011 13:43:45 GMT -5
Most of mine are made as relatively large donations so it's easier to keep track of for tax purposes. If I don't bother getting a receipt for something I drop off at Goodwill then I don't bother trying to include that in some mental % estimate.
I'm a long way from 10% of my income, gross or net.
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Deleted
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Post by Deleted on Feb 26, 2011 17:55:02 GMT -5
I don't do the percentage either, but I do try to write a check whenever possible. Since I got married, I can't itemize any more, but it still works for state.
I am honestly more into helping people, though, than getting a tax receipt. I read something on Craig's List about someone needing something, and I try to respond. The administration sends out an email asking to buy a low-income student a calculator, etc.
I do, however, get annoyed at places like Walmart who claim they are helping with Christmas, etc. When you buy a gift, they don't discount your purchase. Their CUSTOMERS are supporting the charities, etc. Walmart is still making their $$$.
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mesquite77
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Post by mesquite77 on Feb 26, 2011 19:21:52 GMT -5
The 10% of our take home pay is appreciated stock or cash donations and we budget this every year. I don't include the $25-50 random donations throughout the year or non-cash donations to Goodwill in that 10% budget number. However, we do get receipts and track for tax purposes every donation.
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sapphire12
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Post by sapphire12 on Feb 26, 2011 19:26:02 GMT -5
Cash donations are 10% of net pay. I also do non-cash donations.
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TheOtherMe
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Post by TheOtherMe on Feb 26, 2011 22:38:10 GMT -5
I used to prepare tax returns. I found it amazing that it seemed the richer one was, the less they donated to charity. I mentioned this at one of our staff meetings and the boss said "that is how they stay rich". I did prepare the tax return for a man with a salary of over a million dollars and he tithed 10% to his church. He also made other cash donations and gave a lot of his time to his church.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Feb 26, 2011 23:16:34 GMT -5
I keep track of all donations of $25 or higher.
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Deleted
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Post by Deleted on Feb 27, 2011 9:24:42 GMT -5
I used to prepare tax returns. I found it amazing that it seemed the richer one was, the less they donated to charity. I mentioned this at one of our staff meetings and the boss said "that is how they stay rich". Not always true. The rich stay rich because they're careful with their money, and that can include giving only where they believe it will do good- but there are plenty of rich people who donate generously to charity, starting with Bill Gates and Warren Buffett. To answer the OP's question, DH and I deduct donations on our taxes so we keep pretty good records. Our giving was almost exactly 10% of my gross wages and DH's SS, but that's cheating a bit- our total income would include investment gains, the company 401(k) match of 6% plus the amount they add to my 401(k) since discontinuing the pension plan (another 6%). I put aside a fixed dollar amount from each paycheck for charity and keep track of it on a spreadsheet. When the spirit moves us, the money is there. We always make sure to spend it down by year-end. It feels wonderful to be able to write a check that makes a difference somewhere. You can buy only so much Stuff and then it gets boring.
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Clifford
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Post by Clifford on Feb 27, 2011 21:24:14 GMT -5
My givings are auto-deducted from my checking account monthly. I have a clean record in the account, and the recipients send me statements for tax purposes. I think a lot of churches are going to this now, probably more to ensure that the funds will come in steadily, as I (and most others probably) never took my checkbook with me to church. That's like taking an ATM card into a casino.
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chiver78
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Post by chiver78 on Feb 27, 2011 21:37:38 GMT -5
I keep track of things I have receipts for, solely for tax purposes. I am single, and can itemize well over the ceiling for the standard deduction. this includes one-time online donations, my vehicle registration (pricier than standard, proceeds to a specific charity), monthly donations where the charity sends me a letter.
if I toss a $5 in the Salvation Army bucket at the holidays, drop off a bag of non-perishables at the food pantry, or pay a fee to 'dress down' at work to benefit some charity, I don't keep track.
honestly, I would be giving anyway. the only reason I have a ballpark figure is because I'll get a little good karma in return in the form of a tax deduction. if I can't afford to donate, I don't.
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upstatemom
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Post by upstatemom on Feb 27, 2011 21:58:11 GMT -5
I keep track of the cash donations but donations of goods are usually to individuals who need it. I am cleaning out our house this year and have given bags of clothing and household items to a friend who works with migrant workers in our area. Have been giving furnature to family and family friends. My tax return deduction only show a fraction of what I donate, but I know that its all going to good use.
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telephus44
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Post by telephus44 on Feb 28, 2011 13:03:34 GMT -5
If someone posts a question on a message board about what % I donate to charity, I only consider cash donations. I also keep track of salvation army donations for tax purposes, but I wouldn't consider it part of my overall charity donations - more like my decluttering progress. I do occasionally donate to food drives, toys for tots, etc. but I don't keep track of those kinds of donations.
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