It never kills to help someone when you have more than you can use. Whether it is clothes, sports equipment, or finances, donating to a charity organisation in Singapore brings with it a host of benefits to the giver and receiver. Not only do you enjoy benefits such as a donation tax deductible, but you also get to touch the heart of someone in need by lending a helping hand.
Although there’s much good about giving donations, there’s yet so much that go wrong in the process of giving out too. That’s why doing your homework prior to donating to charity will always work to your advantage. Below are some of the most crucial things you should know before donating to a charity organisation in Singapore.
Fake Organisations Exist
Not every charity organisation in Singapore is worth your attention. Some are scammers in disguise who want to take advantage of your good heart to receive charities for the wrong reasons. Ensure you are wary of fake organisations since your giveaways won’t be used in the most effective way possible.
Fake organisations in need of charity mostly surface when there’s a calamity in the world, be it a natural disaster, widespread sickness, human right issue, violent conflict or war. As people rush to give out aid to the affected ones, opportunistic scammers create illegitimate websites and funding campaigns hoping to dupe donors.
Document Your Charities
You should make it the norm to keep a record of all your charity giving as they will come in handy at some point. This is especially the case in regards to donation tax deductible. If your charitable donations push your deductible expenses beyond your standard deduction then you can likely benefit from itemizing your deductions.
By keeping records of all your donations to a charity organisation in Singapore, itemizing the tax deductible will simply involve calculating the total value of your donations plus your other deductible expenses. It is then that you can report your total come during tax time. By maintain a standard deduction, rest in knowing you stand the chance of receiving more donation tax relief.
Giving out donations to charities is undeniably one of the best things you can ever do for others in life. But when giving out your donations to charity, you should know what it entails. The last thing you want to send financial donations to a fake organisation that only wants to dupe people.