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COLORADO SPRINGS, COLO. -- Our Money Coach Bill Stanley stopped by FOX21 Morning News to talk about the benefits of doing work for charity -- both financial and personal benefits.

One of the reasons we give to a charity, Stanley said, is the fact that the value of any contribution is tax deductible. It shouldn't be something we do in the very last days of the year. The whole process needs some planning.

Some basic rules for deducting charitable giving:

            You must itemize your deductions rather than take the standard deduction.

            You must get a receipt for any cash donation - use a check.

            If the value is $250 or more, you must get a receipt from the charity.

Although putting pocket change in the Salvation Army kettle is always a good idea, it often is better to give larger amounts to a few selected charities rather than give a small amount to dozens and dozens of different charities. Once you donate to a charity, that charity puts you on a list and sends you mail and small gifts (like calendars and T-shirts) and they call you on the phone. All this costs them money, and their attempts to get to you donate again this year can become bothersome. Select a few charities for your dollars, and then take the time to contact the others and ask them to take you off their list and stop sending you stuff.

The real reason for charitable giving, however, has nothing to do with tax donations. Helping people less fortunate than you is simply the right thing to do.  And helping goes beyond giving money. Consider volunteering your time.

Volunteering has many benefits:

            You can work directly with those receiving the help.  This is most rewarding and a great learning experience.

            If you are currently unemployed, I suggest you make time in your job search schedule to volunteer.  You will meet many other volunteers, some of whom may be able to help you find work.

            If you are trying to network and become better known in the community, you will meet many interesting volunteers and staff members who are deeply committed to our community.

            Your time will be well spent; your travel is worth 14 cents a mile as a deduction; and your expenses may be deductible.

The bottom line is this, Stanley said: Think all year about helping a charity, not just in December to get a tax deduction.