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Financially Smart Ways to Give Back

3/23/2021

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Whether you are in a financial position to give a little or a lot, there are ways you can maximize your donation with certain tax implications in mind. Below are some basic tips, but it is always good to verify your specific situation with your financial or tax advisor. Information on charitable contributions can also be found at IRS Publication 526. 
  1. CARES Act: Starting in 2020, The CARES Act allows for the standard deduction to deduct up to $300 in charitable donations. This new law allows for you to deduct without itemizing your charitable contributions.
  2. Employer Matching: Some employers will match your charitable contributions. It varies from company to company, but don’t let this ‘free’ money go to waste. This could help maximize your giving by doubling or tripling it.
  3. Donor-Advised Funds: Donor-advised funds are established at charities or foundations. Once you put money in the fund, you will receive the charitable tax deduction. The money is invested, grows, and eventually will be given to that charity. Make sure and research the donor-advised fund that you are wanting to contribute towards. Some funds have a minimum of $25,000 contribution and administrative fees. 
  4. Options other than cash gifts: Cash gifts can be an inefficient way to donate money especially as the amount you are able to donate grows over time. Giving assets could be a better option. You can deduct the fair market value of appreciated long-term capital assets (like mutual funds, bonds, and stocks) that you’ve donated directly to charity. You could also donate non-financial assets such as artwork to a museum or a vehicle to a charity. These donations can be of great value to non-profits. 
Giving back in financial smart ways not only allows you to be a great steward of your treasures, but it also provides the opportunity to bless others. Questions on the article above? Please don’t hesitate to reach out to Traditions Wealth Advisors at Brien@TraditionsWealthAdvisors.com or 979-694-9100.

Source: Turner, Trudy. Goldman Sachs. 15 January 2021. https://www.goldmanpfm.com/personal-investor-blog/to-whom-much-is-given-financially-smart-ways-to-give-back
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  • Home
  • About
    • Our Team
    • What is a certified financial planner?
    • About our flexible fee system
    • What We Do
  • Services
    • Wealth Management & Financial Planning
    • Investment Planning
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    • Retirement & Estate Planning for Texas A&M University employees
  • Current Clients
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