Tax Advantages of Being Charitable

Aah…This time of year is filled with generosity. Even curmudgeons are infected with the holiday spirit.

Remember, however, that not everyone is enjoying this season’s largess. This year and last, many people’s lives have fallen apart. People who used to be your neighbors or coworkers—or even you—are now out of work, clutching at unemployment checks, or nothing.

If you want to help out, tax expert Eva Rosenberg explains that there are multiple types of charitable giving. Some provide tax advantages, and others do not. Giving gifts to friends and

 family members may provide a warm and fuzzy feeling, but you can't write off any of that as a tax deduction. Giving to charities and religious institutions, on the other hand, can provide you with tax write-offs.
To find out how to maximize these tax advantages when you're giving to charity this year, read Eva Rosenberg's full blog: http://tax.equifax.com/2010/12/tax-advantages-of-being-charitable.html

Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor