"'Many households make charitable donations near the end of the year - sometimes motivated by the holiday spirit, and sometimes to take advantage of potential tax deductions. However, donations are only tax-deductible for people who itemize their deductions on their tax return, not for those taking the standard deduction. It can also be an overly emotional time of year and giving could be related to this heightened sense of business and emotion.'"
"'Tis the season of giving but also the season of scamming. For a lot of people, committing fraud via fake non-profits, NGOs, GoFundMe, and other crowd-sourcing platforms is part of their holiday income. Making sure something is legitimate before giving your money to it is essential. If you see the organization on social media platforms, for example, make sure to look up the organization on a browser.'"
Scammers create fake nonprofits, NGOs, GoFundMe pages and other crowdfunding campaigns, increasing fraud risk during the holiday season. Many households donate at year-end motivated by holiday spirit or tax considerations, but donations are tax-deductible only for taxpayers who itemize deductions. Emotional urgency and haste can lead to ill-considered donations. Donors should verify legitimacy through resources like the Better Business Bureau and check for certifications before giving. Updated guidance clarifies transparency-checking resources, exceptions to publishing transparency reports, and how to report scams. Basic internet literacy and careful verification can prevent falling victim to charity scams.
Read at 24/7 Wall St.
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