What inspires you to give? Most of us give for the same basic reasons. We want to help others, make a positive difference in the world—and giving feels good. It makes us happy and connects us to the causes we care about. Studies show that most charitable folks give according to their values or to support causes they care about. But they don’t always have a strategy around giving or a way to monitor for impact.Continue reading
If you are charitably inclined, what is the most tax efficient way to give to those charities?
Let us start with standard deduction versus itemized deductions. Your itemized deductions must exceed your standard deduction for any tax benefit. There is a caveat for 2021, cash donations up to $300 for single filers and $600 for Married Filing Joint are allowed as above the line deductions.Continue reading