2021 Charitable Deduction—Not Above-the-Line After All
Earlier this year, I wrote an article entitled Strategies to Make Your Charitable Giving Go Further that discussed some of the tax efficient ways to donate to your favorite charities. Included in the article were strategies that were only available for the 2020 and 2021 tax years, such as the charitable deduction for those who do not itemize. Despite what most experts believed—and what was included in my article—for the 2021 tax year, this charitable deduction is not an above-the-line deduction like it was for the 2020 tax year but is the equivalent of a below-the-line deduction. Read on to see what the difference could mean for you.
Giving Back: A Better Life For Kids
The next few months we are sharing about organizations in our life that we are personally involved with. You might be surprised how often we hear from people looking for a great organization to give to. Or maybe you’ll enjoy learning something new about us by reading how we spend some of our time outside the office.
How to Give Better: Community Foundations, Private Foundations, and Donor-Advised Funds
Did you know that the majority of wealth in America is held outside of checking and savings accounts? As a client, you are most likely familiar with the fact that we encourage you to not keep too much money in cash so inflation doesn’t erode your purchasing power over time. This means that we direct your investable net worth into investments within:
How Much Should You Donate To Charity
Are you inspired to donate more to charity this year, but you’re not quite sure how much to give? There are so many causes that need our support. Hunger, food insecurity, social justice, racial inequality, climate change, fair elections, cure for Alzheimer’s, cure for cancer, refugees, girl’s education, the list goes on. You feel called to give more to charity, but you also don’t want to stretch your finances too thin.
Giving Back: Sustainable Action International
As we said last week we will be sharing about organizations in our life that we are personally involved with over the next couple of months. Sustainable Action International was started 10 years ago by two of my friends from church, Evens and Karina Paul. Evens is from Haiti and always felt called to start a ministry serving his home town of La Victoire, which is about 3 hours north of the capital city of Port-au-Prince. I joined the Board three years ago after much prodding from Evens!
Charitable Donations & Contributions [Video]
This time of year people are thinking about charities and year-end donations. Even events like recent hurricanes prompt people to consider how they can give. This is one item on our year-end tax planning checklist. Be sure to download your copy! (This article has been updated since its original post date)
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.