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At Home In Fuquay-VarinaCharitable Giving Pays Off... For EveryoneAmericans are pretty generous — in fact, 83% of us donated money to charitable organizations last year, according to a Gallup survey. And now that we’re entering the holiday season, charitable giving well may be on your mind. Your key motivation for making charitable gifts, of course, is to help those organizations whose work is meaningful to you. However, by supporting these groups, you can also make life less “taxing” for yourself.is qualified, from a tax-deductibility standpoint. If you’re unsure whether a group is qualified, just ask to see its letter from the IRS. (Many organizations now post these letters on their websites.)Here’s how the charitable tax deduction works: If you give $200 to a qualified charity, and you’re in the 25% tax bracket, you can deduct $200, with a tax benefit of $50, when you file your 2014 taxes. Consequently, the net “cost” ofyour donation is just $150 ($200 minus the $50 tax savings). Of course, you are notconfined to making cashgifts. In fact, if you donatecertain types of noncashassets, you may be able toincrease your tax benefits.Suppose you give $1,000worth of stock in ABCCompany to a charitablegroup. If you’re in the 25%bracket, you’ll be able todeduct $250 when you file your taxes. And by donating the ABC stock, you can avoid paying the capital gains taxes that would be due if you had eventually sold the stock yourself.Keep in mind that if you want to deduct your contributions for the2014 tax year, you’ll need to make your gifts by Dec. 31. One more reminder: Retain your paperwork. If you made gifts totaling over $250 to any single charity — or noncash contributions of any items worth over $500 — the IRS requires written acknowledgments for your contributions.Specifically, by making charitable contributions, you may be able to receive some valuable tax breaks. To claim a deduction, though, you need to itemize your taxes, and you need to make sure that the organization you’re supportingPage 26 | Suburban Living Fuquay-Varinawww.suburbanlivingmag.comSMARTER. BOLDER. FASTER.®(919) 552-4517Toll Free 1-800-204-4517www.century21.com www.beckymedlinrealty.comIf you want to deduct your contributions for the 2014 tax year, you’ll need to make your gifts by Dec. 31.407 N. Judd Parkway NE, Fuquay-Varina, NC 27526