Donating to charities is a meaningful way for individuals to contribute to society and gain personal benefits. Unbeknownst to many, charitable contributions made in the country make an individual eligible for tax advantages, creating a win-win scenario. Contributions like cash donations, non-cash donations like clothing or household items, stocks, etc., can lead to tax benefits. Explore some tax-deductible charitable gifts and donations below to understand how to make a positive impact while enjoying financial advantages. Cash donations Cash donations are one of the simplest ways to contribute to charitable causes and get tax benefits. Cash donations can be made in various ways, including checks, credit cards, or through payroll deductions made by one’s employer. If one is donating cash to qualified public charities, it allows them a tax deduction of up to 60% of their adjusted gross income (AGI) in a year. Furthermore, making cash donations to private foundations allows individuals a tax deduction of up to 30% of their AGI. To claim tax deductions, one must keep records of their donations, such as bank statements, canceled checks, or receipts and acknowledgment letters from the charity. Non-cash donations Besides cash, donating goods such as clothing, furniture, or household items can also yield tax benefits.

The holiday season is right here, and it’s a great time for giving. Giving doesn’t just have to be limited to gift exchanges; it can also include donations to those who are less fortunate. Not only do these donations make a positive impact on the lives of others, but many of them are also eligible for tax deductions. To help people maximize their donations and receive the full tax benefits, this article lists five tax-deductible charity gifts to consider. Cash Cash donations are the most popular types of tax-deductible charitable donations. Donors can make these payments through cash, credit, or debit cards. If the donations are made to a qualifying organization, they can deduct them on Schedule A. However, one needs to file them as itemized deductions, and they are typically limited to a percentage of the annual gross income. Stocks and bonds Several non-profit organizations accept stocks and bonds as donations. Since these are tax-deductible and do not tack on capital gains taxes, they tend to result in higher donations. In most cases, they are immediately liquidated to improve cash flow within the charitable organization. However, it is important to note that these tax deductions may look different for everyone based on the organization donated to and one’s adjusted gross income.

While debts are often inevitable to fulfill certain essential requirements, being in debt can be rather harrowing, especially when there are multiple debts to repay. Recent statistical data suggests that 77% of households nationwide are in some form of debt. On the bright side, systematically approaching the debt repayment process can help one become debt-free. So, here are some common mistakes to avoid while trying to get out of debt quickly: Repaying only the minimum amount one owes While repaying the minimum amount one owes makes sense when one cannot afford to repay more, it is important to start paying out more than this minimum sum eventually to become debt-free. An effective strategy to increase the debt repayment amount is to list all of one’s expenses and cut down on the unnecessary ones. One may then prepare a plan on the amount one can easily afford to repay for every installment. Not strategizing what debts to pay off first Having a definite plan on which debts to prioritize can help in gaining more clarity and avoid last-minute hassles before the final repayment date. One effective way to repay debts quickly is the snowball method. It involves paying off the smallest debt first and then moving to the larger ones in a sequential manner.

Planning one’s own funeral can be challenging and very uncomfortable. Yet, preparing financially for this inevitable event is essential. It alleviates the burden on one’s family and adds to their peace of mind. Getting a burial insurance policy is one way to meet the costs associated with the funeral, burial, and other end-of-life expenses. Read on to learn about the types of burial insurance, the coverages included, and the factors to consider when signing up. Types of burial insurance There are three popular types of this insurance plan: Simplified issue life insurance Individuals do not need to appear for a detailed health examination when applying for this plan. However, they would still need to answer a few health-related questions. The insurance company may not accept one’s application if they have pre-existing health issues or participate in high-risk activities that could be life-threatening. Still, this insurance type is sought-after because of swift approvals and relatively higher coverage amounts. Guaranteed issue life insurance This plan neither requires applicants to answer health-related questions nor appear for a health examination. If the applicant is between 50 and 85, they will likely be approved. However, this policy has a waiting period. Beneficiaries may not receive the full sum assured if the insured passes away due to natural causes during this period.

Final expense insurance or burial insurance allows the policyholder to cover the expense of their own funeral service. It is an important financial tool that offers coverage for both burial and cremation. Funeral services can get expensive, and this is one way of ensuring that family members do not have to worry about it should the time come. There are some must-know details to explore before purchasing final expense insurance, and these are listed below: No requirement for a medical examination Final expense insurance policies do not require applicants to undergo any medical examinations. Simplified-issue life insurance, one of the policies that offers coverage for final expenses, does require a different test. The applicant may have to answer specific questions about their health and lifestyle. Other policies, like the guaranteed issue policy, do not require the applicant to answer any questions. Basis for policy denial An applicant could be denied a final expense policy, particularly the simplified issue insurance policy. As mentioned above, applicants may have to answer questions about their health and lifestyle. If the answer to these questions indicates a risk to health or life, the policy can be denied. Moreover, if the person applying for the policy participates in activities that could be deemed dangerous, they may have to pay higher rates.

Scammers are getting more sophisticated with their scams, thanks to tech innovations and well-designed websites. It has become easier for them to manipulate their targets through fast money-making schemes. Innocent people are not only duped out of their money but also end up sharing their personal and confidential information that can be used against them. Here are a few popular types of scams that people should not fall prey to: 1. Work-from-home scams In 2022 alone, almost 100,000 people across the country were victims of job-related scams. On average, each individual lost up to $200. One such scam is the work-from-home one that involves people receiving emails, text messages, or advertisements about “online jobs” available. In most cases, these job openings are bait for unsuspecting people who are looking for employment. When people click on the link to apply for these vacancies, they are asked to provide personal information and money for the recruitment process. Once people make the payment and give away their personal information, scammers dupe them and escape with their money. Three common types of work-from-home scams are identity theft, financial scams, and manipulative scams. In identity theft scams, applicants are made to reveal their personally identifiable information (PII).

Technology allows one to manage finances and make transactions within seconds using one’s phone. But on the flip side, technology makes it easy for people to fall prey to online banking scams. Scammers typically exploit credit and debit card users or people having payment applications on their phones. So, those using online banking should be wary of such scams and tread with caution. Here are some common online banking scams and how to avoid them. Phishing scams Phishing is when scammers send text messages and emails to individuals, persuading them to share their personal details. Such details may include passwords, account numbers, one-time passwords, etc. With such information, they access one’s email accounts and bank accounts and take away their money. Sometimes, these messages or emails may also ask one to click on a link provided to complete a certain action. The person’s account is hacked the moment this link is opened. So, one should never disclose personal information over text message or email, even if the sender appears genuine. If it seems like a bank-generated message, it is best to call up or visit the nearest bank branch and check with them if they had actually sent such a message.

Who doesn’t love using credit cards? They are convenient and easy to carry, and they offer several rewards such as cash-backs and discounts on various kinds of purchases. However, credit cards also come with a few risks. For instance, if one is not careful with their card usage or bill payment, they could damage their credit score. So, to enjoy using credit cards safely, here are some common mistakes one must avoid: 1. Making only minimum payments Credit cards offer benefits even on bill payments, like the option to make a minimum payment—which is a fraction of the total amount due—on the due date. So, if one cannot pay the entire bill, they can still keep using the card by making a minimum payment. The problem with this feature is that one may be tempted to keep making only minimum payments every month, which can make interest on late payments pile up. Over time, this interest can build up to a large amount. 2. Missing the payment deadline Forgetting to pay the credit card bill on time is a common mistake that can cost users. Missing the deadline here could lead to late payment fees being levied by the card issuer and also an increased interest on the unpaid balance.

One of the latest and most popular phenomena in the world of financial transactions is the “Buy Now, Pay Later” plan or BNPL financing. These plans involve a third-party payment merchant that allows buyers to make purchases without paying any upfront amount. The due payments are paid over time, mainly without any interest rate or credit check. This process may seem interesting, but there are common mistakes one should avoid when committing to BNPL plans. Not reading the terms and conditions Knowing how the buy now, pay later plans work is important. Reading the fine print of these plans will help its users know exactly how they operate and scan through any hidden clauses. Buy now, pay later plans differ from one merchant to another, so it’s crucial that the buyer understand the plans and conditions thoroughly before signing up for it. The terms and conditions will allow the users to know how often payments need to be made, what actions to take when a payment is missed, and what needs to be done if there is an issue with the purchase. Late or missing payments This common mistake can lead to a financial crisis if not addressed in time.

Truckers drive thousands of kilometers every month to supply freight across cities and towns, but delayed payments can seriously hamper their productivity. Freight bill factoring takes invoices for the loads that truckers supply and pays them right away, so that they don’t have to wait for their payouts. Though the process is highly effective, frauds relating to freight bill factoring have also become common. So, here are some lesser-known facts about freight bill factoring frauds: Submitting fake invoices Software programs generating invoices may not always have filters to differentiate genuine invoices from fake ones. So, there have been cases where a fake invoice quoting a much higher amount than what is payable has been passed on to invoice factoring companies. Such activities become even more difficult to track if the fake invoice is from a regular client. For this reason, employees in freight bill factoring companies should closely monitor the invoices through a standard process to avoid such illicit activities. Sending invoices before the freight is supplied If truckers send in their invoices before the freight is delivered, there is no guarantee that they will supply the freight to the destination. Invoicing companies should have strict protocols that prevent truckers from sending in paperwork before the freight is delivered to the locations.