We all recognize the great joy of giving. When we give, it is from the wellspring of our hearts and goes to the foundation of who we are – our most basic, intrinsic values that we hold dear.
When we give, we are essentially expressing not only our gratitude but our hope. Giving provides us with not only a sense of personal fulfillment and a heart of thankfulness, but it also contributes to a purpose that is greater than ourselves, one that is helping our fellow neighbor, community, and society. It is a tangible way that we "hope" for a better future. Our giving, no matter the size, has the potential to leave a positive impact and legacy for years to come.
Below are some resources to help you maximize your impact with each gift as well as your tax deduction that goes along with it.
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Gift stacking, also known as gift bunching, is a great strategy to maximize charitable impact while also boosting your tax efficiency. This strategy allows you to combine multiple years of charitable giving into one tax year, and you can increase your itemized deduction amount above the standard deduction threshold, allowing you to take advantage of […]
One of the most tax-efficient ways to give is by donating appreciated assets, like stock or real estate. When you donate assets that have increased in value since you purchased them, you avoid paying capital gains tax on the appreciation. If you itemize deductions, you can also claim the asset’s full fair market value as […]
Qualified Charitable Distributions (QCDs) are an excellent tool for retirees to maximize the tax benefits of giving. A QCD is a tax-efficient way for individuals age 70 ½ or older to give directly from their Individual Retirement Account (IRA) to a qualified charity. Rather than withdrawing funds from an IRA, paying income taxes on the […]
Donor-Advised Funds (DAFs) offer a flexible and strategic way to support the causes you care about over the long term. What is a Donor-Advised fund? A DAF is a charitable giving account that allows you to contribute assets, receive an immediate tax deduction, and distribute funds to charities over time. This structure can be especially […]
