Charitable Donations and Your Taxes: Seven Reasons Cash Is King

Seven reasons why it makes sense to give cash as a charitable donation
Seven reasons why it makes sense to give cash as a charitable donation

We're only two weeks into December and I've already been approached by more than a dozen charities asking for donations. In a tough economy, those organizations have gotten pretty creative. I'm rarely asked to make a gift of straight cash -- or cash equivalent, such as checks or credit cards. Instead, I've been asked to donate items for silent auctions, buy baked goods and candles at a premium and, of course, take a chance with raffles.

While all these fundraising ideas certainly have their place (and I, by no means would want to discourage you from participation), as a tax attorney, I still believe that cash is king when it comes to charitable donations.

Here are seven reasons to consider why making a donation of cash (or cash equivalent) makes better financial sense: