Maximize Year-end Giving

It's giving season! Here are a few tips to help with your 2020 charitable giving strategy. If you have specific questions about your individual plan, please give us a call and we can discuss together.

Do Your Research

Websites such as Guidestar, the Better Business Bureau's Wise Giving Alliance, and the tax-exempt organization search tool on the IRS website are great places to learn more about different groups to support.

Consider a Donor-Advised Fund

Donor-Advised Funds (DAFs) have emerged as a popular charitable giving tool for a variety of reasons. They can be very favorable from a tax perspective, can handle contributions of a wide array of assets, are easy to set up and costs are low.

Take Advantage of the CARES Act

The CARES Act is the major relief bill that went into effect last spring. Among the many opportunities outlined in the bill was the incentive for donors to give away more money. For the remainder of 2020, taxpayers can deduct up to 100% of their adjusted gross income for cash donations to public charities. There are some exclusions, of course, so be sure to contact our team and/or your tax professional with any questions.

Keep Records

Remember to keep records of the gifts you make, no matter the size. For contributions of $250 or more, you are required to obtain a written acknowledgement from the qualified charity, detailing the amount and description of property, if applicable.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. (C) Twenty Over Ten.