5 Ways to Make the Most of Giving Tuesday
Morgan Newman, CFP?
Financial Advisor | The Newman Group of Oppenheimer & Co. Inc. | Women in Finance | Women at Work Speaker
Happy Giving Tuesday! If you’re feeling inclined to give to your favorite causes & organizations today, amazing! Here are 5 ways to make the most of your donations:
1.?????? Look for Matching Opportunities
Many organizations have special initiatives on Giving Tuesday such as having a donor match or a giving challenge. If you work for a company, check and see if they have a matching program. These are a great way to multiply the impact of your gift.
2.?????? Consider Gifting Appreciated Assets
If you own stock that have gone up in value, you can gift shares. In doing so, you may not need to pay capital gains taxes on the stock’s growth, effectively increasing your donation and decreasing your tax exposure. I often see this being an impactful giving strategy for those who own company stock that has appreciated.
3.?????? Open a Donor Advised Fund (DAF)
A DAF is essentially your own personalized charitable giving fund & I think one of the best kept secrets in personal finance. The DAF is itself a charitable entity, so you make your contributions to the DAF and then decide who, when and how much to give to different organizations. The remaining funds are invested so they can potentially grow for future grants. It provides flexibility, simplified record keeping and tax efficiency.
Try this quiz from Fidelity to see if a DAF may be right for you: Quiz: Is a donor-advised fund right for you? | Fidelity Charitable
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4.?????? Make Qualified Charitable Contributions (QCD) from your IRA
If you are taking required distributions from your IRA, then a QCD may be an option for you. A QCD allows you to gift funds out of your IRA to a charitable organization and have it count to your RMD for the year. While the QCD won’t qualify for a charitable deduction, it won't be considered taxable income either. This effectively lowers your taxable income. This can be particularly impactful for those who want to make charitable donations but will not reach the level of itemized deductions to exceed the standard deduction.
5.?????? Talk to a Financial Professional
A financial advisor can help you determine how much you are able to give without impacting your financial wellbeing, as well as tax efficient ways to do so.
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If you are feeling charitably inclined this holiday season, I welcome the opportunity to have a conversation with you about how we can make the most of your giving!
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