’Tis the season to give, and what better way to do so than to give to those less fortunate?
For clients who have some last minute shopping to do, suggest they open their wallets to a charity on behalf of that special someone.
Not only do will it leave them feeling good, but they’ll also receive tax benefits. And all charitable donations made before December 31 get a tax receipt for 2012.
Read: Don’t miss these year-end tax deadlines
However, warn your client about gifting tax shelter schemes. If a charity offers a tax receipt for an amount larger than she donates, it’s probably not a valid organization. Getting tax advice before signing any documents is best.
Read: Protect clients from gifting tax shelter schemes
Here are some more articles to help your clients before they donate and help others.
4 questions to ask before clients put charities in their wills
Don’t waste charity tax credits
Contest unusual conditions in wills
Giving through donor-advised funds
‘Tis the season for charity scams
Offer advice on charitable giving