Hello everyone, this is Roger Brooks at Strategic Investment Management. As we approach the season of giving, you may be thinking about ways to give back to the people and causes you care about. One way to do that is charitable giving. Today, I want to share four things you should consider if you want to donate this year.
First, understand the potential tax benefits. If you itemize deductions, charitable contributions can reduce your taxable income. This means giving strategically can help you support causes you care about and lower your tax bill.
Second, think about what you give, not just how much. Donating appreciated securities, like stocks that have gone up in value, can allow you to avoid capital gains taxes while still receiving a charitable deduction. This strategy is often more efficient than giving cash.
Third, consider donor-advised funds. These allow you to make a charitable contribution now, receive the tax deduction this year, and decide later which charities will receive the funds. This flexibility can be especially valuable if you’re looking to maximize deductions in a high-income year.
Finally, align your giving with your broader financial goals. Charitable giving is about living your values. A financial professional can help integrate your charitable gifts into your overall financial plan.
If you’re considering year-end charitable giving, we can help. At Strategic Investment Management, we’re here to help you give wisely and with purpose.
Thanks for watching, and we’ll see you next time.