Have you formalized your charitable giving strategy?
The end of the year is nearly here, which means the season of giving is upon us. Have you determined your charitable giving strategy for 2022? Being intentional in your giving benefits your charities of choice and may help manage your taxable income. Get started To make the most of your giving strategy, first, you must determine who will be the recipient(s) of your donations. The Internal Revenue Service (IRS) only gives charitable giving tax exemptions for donations made to non-profit 501(c)(3) charities or private foundations. So before signing anything over, make sure your desired organization qualifies.1 You can only take a charitable giving tax deduction if you choose to itemize your deductions. You cannot use charitable contributions if you plan on taking the standard deduction ($12,950 or $25,900 for joint filers.). Every family’s situation is unique, so make sure to consult with a tax or accounting professional before adjusting or committing to a new charitable giving strategy. Tax rules are constantly changing, and there is a possibility that giving strategies may need to be adjusted as laws change. Don’t forget If you wish to donate a substantial amount to charity, keep in mind that the IRS limits how much