It’s no secret that Americans are generous. Last year alone, charitable gifts in the United States exceeded $390 billion, and 80% of that total came from individuals or their estates! Clearly, we like to give to the causes we care about, and the last three months of the year are when we like to give the most. Here are 9 things to keep in mind as we approach the year-end giving season:
- In order to enjoy tax savings for 2017, be sure to complete your charitable gifts on or before December 31. Keep in mind that this year December 31 falls on a Sunday.
- Keep all your donation receipts and acknowledgements in one place — an envelope, folder, desk drawer, fire safe. When you go to file your taxes, it makes it so much easier when you know where everything’s at.
- Giving stock or other property that has increased in value may provide greater tax savings than cash gifts. Please contact us if you are considering a gift of appreciated securities or have any questions.
- If Black Friday and Cyber Monday leave you wanting to consume less and give more, participate in #GivingTuesday. This year’s #GivingTuesday falls on November 28.
- Gifts through wills, trusts, insurance policies, and retirement plans can all be effective ways to support the ministries and causes you care about, including Sandy Cove.
- Charitable gifts from your IRA may be advisable if you are 70½ or older, though we would encourage you to consult with your advisors before making a donation.
- Don’t forget “matching gifts” from your employer. Not sure if your employer has a matching program? Here’s a matching gifts database where you can find out.
- Talk to your advisors about which methods of giving are best for you and your family. If you need help with financial or estate planning, we would be happy to put you in touch with our partners at Ambassador Advisors.
- God loves a cheerful giver, so no matter how you choose to share the resources He’s given you, find ways to do it with delight (2 Corinthians 9:6-7).