Smart Tips for Charitable Giving
Charitable giving is a great way to support the causes you care about, and could help reduce your tax burden. Consider these tips as you develop your giving strategy. ASSESS YOUR PERSONAL FINANCIAL SITUATION FIRST It’s important to understand how much money you need to maintain your standard of living and how much remains – in assets or current income – for charitable causes. This assessment is particularly important with larger gifts or when you are retired and living on a fixed income. ESTABLISH YOUR GOALS Reconsider giving money to every organization that sends you donation requests. Find a cause you are passionate about, and then identify organizations to support by determining whether your values and beliefs align with the organization’s mission. RESEARCH THE ORGANIZATION Do your homework before you make a donation. The organization should clearly articulate its mission and whom it serves, and be able to share outcomes. If you are interested in a tax deduction, confirm the organization’s 501(c)3 status.
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