Time or money: which to donate?

How about both, without really having to do either? If you still have unused vacation days for 2012, and are OK with one less day at home in your pajamas, it’s possible.

Following Hurricane Sandy, the IRS reinstated the ability for individuals to donate unused vacation days. This election was previously put in place after the Sept. 11 attacks and Hurricane Katrina.

“Here is how it works: An employee at a participating firm gives up one or more vacation days, perhaps ones that wouldn’t carry over to the following year. The company then donates the forgone pay to a tax-exempt group specifically for the relief of Sandy victims.

As a result of the IRS’s ruling, all three groups benefit. Charitably-minded employees can make a donation without writing a check. Although they don’t get a deduction on their tax return, the pay they forfeit is subtracted from their total earnings.”

Read more: http://online.wsj.com/article/SB10001424127887324073504578107381250890690.html

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