The holiday season is at its height, making it the best time of year to give back. If you’ve thought about donating to a charity or an organization that has special meaning to you, you can make a difference without putting a strain on your wallet.
Before you sell your securities…
In the world of philanthropy, cash is not always king. Before selling your stocks to give a cash donation, consider gifting your stocks instead. Selling your appreciated assets will leave you paying capital gains taxes. Choosing to gift stocks to the charity of your choice will give you a tax reduction, and you can avoid paying a capital gains tax in the process. This can also lead to a reduction in your taxable estate, depending on the size and type of your gift.
Discover your philanthropic potential
Deciding on the the right amount and type of charitable gift you would like to give can be challenging. If you haven’t decided on the details of your gift, try a useful philanthropic giving app, Giftabulator NOW (showcasing our friends at the Shevchenko Foundation). Find out your giving capacity to maximize your money’s impact—the smart way to give this season.
Give while the season’s in full swing
If you’re looking to contribute to a good cause before the holiday season ends, don’t delay. Speak with your accountant, lawyer, or financial advisor at least a week before December ends. Have your donation in writing so everything can be processed before the year ends.
Feel good about your positive impact on those you care about most, and enjoy the peace of mind that comes with the financial benefits of charitable giving this tax season.
Merry Christmas and Happy Holidays,