What is on your Christmas list?

Having two little girls, it has been easy for me to get caught up in the consumerism of the holidays. Can you believe what some of these new dolls and toys can do? I can see how the toy business has become a multi-million dollar industry.

While my girls are finising up their lists for Santa, we are discussing as a family the importance of giving to those less fortunate during this time of the year. Involving the entire family in choosing the receipients of a gift and in the giving process, has often changed our perpectives on what’s really important regarding our own Christmas lists.

If you consider this year adopting a family in need or a giving to a charitable organization, it is important to know how your gift may affect your taxable income. In most cases giving to an individual is typically not deductible, where as most chairitable organizations qualify for a chairitable deduction on your personal tax return. You will want to check with your personal tax advisor if you have questions about a particular gift.

There are several ways to give to most charitable organitations.

•	Cash / Check – This is typically the most popular and seamless. If your on-time gift exceeds $250, you should receive a contribution receipt from the organization.
•	Stocks, Bonds, Mutual Funds – Giving a stock that has appreciated in value allows you to donate at the appreciated value even though your basis is at the original costs. This saves you from having to report the income from the increase in value, but deduct the entire current value of the fund when donated. This is a great benefit to you and the receipient.
•	Automobiles – Many chairitable organizations accept new and used automobiles as donations. These can be sold to raise cash for the organizaztion or used internally for the organization. When donating an automobile, the organization should provide you with a contribution receipt as well as the sales price if they immediately sell it.
There are also some fun ways to give to families in need.
•	Groceries / Food Pounding – Showing up on a family’s doorstep with a few bags of groceries can be a real life saver.
•	Cash Gift – Buy a wallet for a family for Christmas and include cash inside.
•	Secret Santa – Consider giving gifts anonymously.
•	Angel Tree, Red Cross, local churches, etc. – Many organizations have lists of area families that are in need of a little extra help during the holidays.

A wise man once said “We have been given two hands. One to receive with and one to give with.” I hope you will join me and my family and look for ways to give back some of what we have all been blessed with this year.