Charitable Giving

Did Tax Reform Change Your Giving?

Posted by on Dec 19, 2019

Did Tax Reform Change Your Giving?   Tax Reform in 2017 raised the standard deduction to $12,000 and $24,000 for singles and married filing joint. This decreased the number of households itemizing by over 20 million or a 50% reduction. However, the charitable giving from individuals only decreased by 1.1% according to Giving USA 2019 Annual Report on Philanthropy for the year 2018. While tax deduction may be one benefit donors seek in giving, it isn’t the driving force behind most charitable giving. Studies have shown generosity strongly associated with a person’s sense of well-being. Being...

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Be Happy!! Give!!

Posted by on Dec 13, 2017

“It is better to give then receive.” That is more than a quote. Generosity is one of the measurements that the World Happiness Report uses to evaluate the happiness of a nation. The more generous a nation is; the more likely the people are content. The US rated #2 on the World Happiness Report. The World Giving Index is used to score a nation’s generosity. It uses a few criteria like: Helping a stranger Donating money Volunteering time Being generous doesn’t always require money. Giving of your time, simple acts of kindness can impact others. If your giving isn’t generating a “happy”...

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Tax Advantaged Giving

Posted by on Dec 13, 2016

Donating to a worthy charity is beneficial for the community; it can also have tax benefits. Do you have stocks or mutual funds that have risen in value over the years? You would like to trim some of the investment but you don’t want to incur capital gains tax or the net investment tax. If you are desiring to make a charitable contribution, consider donating appreciated investments. If you have held the investment for over one year, you receive the Fair Market Value on the date of the transfer. The charity receives more contribution than if you sold the stock, paid the tax and donated the...

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Christmas in July

Posted by on Jul 7, 2016

Christmas in July originated in the 1940s, resurfaced in the 1980s, and can now help you manage your holiday time and gift giving budget. In 1942, a church in Washington D.C. celebrated Christmas in July to collect donations and gifts for missions worldwide.  In those days, lead time was needed to distribute gifts around the globe. This became an annual event and was broadcast over a local radio station. In 1944 and 1945, the U.S. Post Office, Army and Navy threw a “Christmas in July” luncheon in New York in conjunction with advertising and greeting card industries.  The goal was to promote...

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Make the Most of Your Volunteer Time

Posted by on Nov 12, 2015

Charities value volunteer time.  Three in five nonprofit organizations support volunteer coordinator positions.  They are ready to put you to work. To make the most of your volunteer effort, however, you’ll want to choose your work carefully.  As with cash donations, you need to do a little homework before volunteering for a charity: Find a charity that matches your interests. Evaluate the effectiveness of the charity’s programs. Review their finances. Is more than 75% going to their programs? Are they financially healthy? Before you volunteer, you might also want to do a self-assessment....

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Posted by on Nov 5, 2015

It is sad that people will use the plight of others to make money for themselves.  Unfortunately, there are scammers that will take advantage of your good will. Making a giving plan is your first line of defense against scams and to make sure you are giving wisely.  A giving plan is simple to implement: Decide which causes you are passionate about – animals, children, and diseases such as cancer. Evaluate the charities that support your causes using Charity Navigator and GuideStar. Determine how much you can afford to give or desire to give. When the solicitations come, you are already...

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