Maybe you’re in a position to pitch in and make a difference, but you’re wondering about the best ways to do so.
A smart giving strategy may not only provide greater resources for worthy causes, but also possibly lower your tax bill.
If you’re thinking about your favorite local businesses, your employees, or your community at large, here are a few ways you might make an impact while keeping your own finances streamlined.
Support Your Community
Want to make an immediate impact? Consider leaving a generous tip for your grocery or takeout delivery person, donating to the local food bank, or continuing to extend some support to anyone on your payroll (think landscapers, babysitters and personal assistants) even if their services are on hold.
Pick a Global or Nationwide Cause
Think about the causes close to your heart and look into the best way to support them, be it by sending an online donation or helping them secure the supplies they need. Be sure to keep track of all donations. Also: Avoid fraud and make sure you’re giving to a legitimate organization by doing some research first.
Know the limits
You can’t contribute and deduct an unlimited amount. You can only reduce your gross adjusted income by a certain percentage. For most public charities, the limit is 50%. It’s 30% for many private foundations.
It’s wonderful to be able to share your good fortune with others. Charities provide a means to share while also providing a tax-break for you. A little research and planning can help to avoid headaches in April.
Do you have questions or need help creating a plan to maximize your donation’s impact? Get in touch today
Get the most of your charitable contributions with these strategies!
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