End of Year Charitable Giving

By Kevin Chambers

If you find keeping track of multiple donation receipts cumbersome and are looking for a way to streamline your charitable giving, consider opening a Charitable Giving Account. With a donor-advised fund account, such as the Fidelity® Charitable Gift Fund, you can simplify your charitable contributions and maximize your giving. As the holidays near, you may find it is time reflect on the events of this year. 

In terms of personal finance, the end of the year is time to complete your annual charitable gifts. Although giving money to charity can be motivated by a desire to help others, to give back to the community, or to memorialize someone, for some, the savings on taxes are also advantageous. The Charitable Contributions Deductions, as the IRS calls it, allows taxpayers to deduct all of their contributions of cash and property to qualified 501(c)3 organizations within certain limitations. The goal of charitable deductions is to encourage tax payers to donate to organizations that provide societal benefits.

If you are interested in learning more about Charitable Giving Accounts, check this post or give our office a call.

[1] 2015 Fidelity Charitable Giving Report