End-of-Year Giving: Financial Tips for Maximizing Your Impact

As the year draws to a close, many people are thinking about giving back. End-of-year charitable donations not only help those in need but can also be a strategic part of your financial planning. Here are some ways to maximize the impact of your donations while managing tax benefits effectively.

Before donating, take time to choose charities that reflect your values and causes you’re passionate about. For a more direct impact, consider supporting local organizations, as donations to community-focused charities often have an immediate and visible effect. You can also reach out to us for recommendations on trusted local charities or vetted charitable funds in your area.

Donations to qualified 501(c)(3) organizations are typically tax-deductible, but proper record-keeping is essential for tax filing. Keep receipts for cash donations and detailed records for in-kind donations.

Additionally. many employers offer matching gift programs, allowing employees to double or even triple their contributions. Some companies also match nonmonetary contributions, like volunteer hours, with a financial donation to the charity on behalf of the employee. Check with your HR department to see if your employer participates in a matching program, as it’s a simple way to increase your impact.

Rather than giving only at the end of the year, consider setting up automatic monthly or quarterly donations. Many charities offer options for recurring donations, making it easier to manage your budget while providing steady support to the organization. This can help charities plan for future projects and meet ongoing needs with confidence, as recurring donations create a reliable stream of income. Automating your giving also helps you build a habit of philanthropy, contributing to a cause you care about consistently.

With thoughtful planning, end-of-year giving can provide personal fulfillment and financial benefits. At Canandaigua National Bank & Trust, we’re here to help you make the most of your contributions, maximizing their positive impact for both you and the causes you care about. Let’s work together to make your charitable goals a reality.

For more information visit cnbank.com