On September 5th, consider participating in the International Day of Charity by donating to a cause or organization you value. Here are some types of Charitable Giving vehicles:
Charitable giving was at an all-time high during the pandemic. Charitable Giving reached a record of $471 billion in 2020. Many Americans choose charitable giving as a way to help others during this unprecedented time. Since they couldn’t volunteer in-person at local charities, many donated their financial resources, despite the economic hardships they may have endured.
If you itemize your taxes, charitable contributions can help reduce your tax bill. Thanks to the Consolidated Appropriations Act, you may deduct up to 100% of your contribution from your adjusted gross income each time you make a donation to a qualified charity in 2021. If you decide to give to a charity, ensure it’s a 501(c)(3) public charity or private foundation to receive tax benefits. Then, keep a receipt or another record of your contribution. At tax season, itemize your deductions (if appropriate to your situation) and file your tax return. Your tax professional can help you determine how charitable contributions will impact your tax situation.
If you have any questions on charitable giving or how it may impact your financial situation, contact us today to learn more about how we can help your giving ability.
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