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What to know before making your holiday donations

They say it is better to give than to receive, but this time of year it can also work to your benefit to make a holiday donation.

Financial experts say you should talk to your accountant to see what kinds of deductions you can take. You want to be mindful of how the tax code applies, and if there are any incentives.

One way to make your contribution count beyond donating to a charity of your choice, you can donate to a family member to help them learn about saving from an early age.

“One of the other things to consider is gifting out stock, especially to younger members of the family because not only is it a nice gift, it’s something to keep track of and its a great way to engage them in finances,” said financial expert, Stefan Contorno.

When it comes to donating, Contorno says this time of year, the number of scammers trying to get your money increases, so be mindful of where your money is going, and who you give your credit card to.

Your best bet is to reach out to a charity directly to safeguard your money.

Reporter:Therese O'Shea
Writer:Lincoln Saunders
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