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Featured 10.05.2016

This week, I want to share one of my favorite charities with you: Lynn Sage Cancer Research Foundation and talk about the value of charitable giving.

Lynn Sage Cancer Research Foundation

I had the pleasure of lunching with two of the most fabulous women from The Lynn Sage Cancer Research Foundation last week: Charlene Lieber and Loren Palmer – both from the Foundation’s Executive Board of Directors. LSCRF is one of the nation’s leading breast cancer research and education charities. Both these women are the very personification of passion and commitment. Their goal at LSCRF is to raise money for breast cancer research – and their dedication has resulted in raising more than $30 million for the cause. (I might add: with an administration fee of less than 6%…exemplary!)

I wanted to write about LSCRF in this week’s blog because I know that my readership will be encountering so many pink causes during this month of October. While so many of these organizations contribute mightily to eradicating this terrible disease – Lynn Sage is at the very top of their game. I have never met so many women who are so dedicated to making it happen. They are a powerful and mighty bunch – an embodiment of that City That Works style – and I think that their tireless efforts are worthy of attention.

If you’re looking for a way to participate in raising funds on behalf of Breast Cancer research this month, I hope that I will see you at The LSCRF’s Fall Benefit Luncheon. This year’s Keynote Speaker who will be speaking to the luncheon’s theme Passion and Dedication…For a Stronger Tomorrow will be Joan Lunden – award-winning journalist, author, Mom of seven, and breast cancer survivor.

And, of course…there will be a fashion element to the afternoon. Purse-Sue™ the Cure is an amazing auction of collectable handbags from preeminent retailers, upscale boutiques, and private collections. Buy a ticket and I will see you there! (And keep following me on Twitter. I will be giving a preview of the purses up for auction throughout the month of October! Can’t wait? Check out the bottom of this post for some of my favorites!)

Of course, whichever breast cancer organization you choose to donate your money to, the act of charitable giving can be a meaningful part of your financial strategy. Giving money to charity may reduce your tax burden – as all charitable gifts to 501(3)(c) charitable organizations can be deducted from your income and reduce your tax liability – a win for everyone involved.

Keep on giving ladies, and good luck! And – for your edification – here are some rules of thumb when deducting a charitable gift from your taxes:

  • 1

    You must give to a qualified organization

    Any organization that qualifies as a 501(3)(c) counts. You can also visit this site: The Charity Navigator to see if the charity that you have in mind will qualify you for a tax deduction.

  • 2

    Itemize everything

    Be sure to itemize the donation on your tax return. While it takes more time and effort, it can pay off by making a substantial difference on your tax return.

  • 3

    Keep records

    Every receipt counts. Start a catch-all file and keep the receipts that you collect throughout the year.

  • 4

    Understand the limits of your gift type

    There are limits on the size of the deduction that you can take based on your adjusted gross income. In terms of cash donations to charity, you can usually deduct up to 50% of your adjusted gross income. With property donations – 30%. Want to better understand the definition of Adjusted Gross Income? The IRS explains it best.)





  • 5

    Get creative

    There are lots of ways to give. And when purses are involved, all the better!

    Here is a sneak preview of some of the purses that will be featured at the Fall Benefit Luncheon’s Purse-Sue™ the Cure silent auction!





    This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

    The Lynn Sage Cancer Research Foundation is an independent charitable organization

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