4 Ways to Charitably Give That You Might Not Have Considered
charitable giving
Many people are helped by charity every single year. It helps to save lives, and it makes the lives of the needy much better than they would be otherwise. One way to save on your taxes each year is to give a portion of your income to charity.
The government wants to incentivize charitable giving because they know how much certain important organizations need the money.
However, where do you start? Below are four ways to charitably give that you may have not considered before.
Donate Your Physical Property
Tax deductions for charitable giving are not limited to money and financial assets. Instead, you can also choose to give some of your property to charity to obtain a tax deduction.
For example, you could donate a used car to a charity that accepts such donations.
You could donate real estate to a good cause that falls under the government’s definition of a charitable organization. You could even donate things like clothing. There are plenty of options.
Donate Stocks
Whatever investments you have in the stock market can also be used as a form of charitable giving.
Giving stocks to charity also means you will avoid the capital gains tax since you are not selling them.
Due to this, giving away shares you may own in different companies can increase your tax savings even more than other options for charitable giving.
Give to an Education Based Charity
If you have a passion for education, you have a lot of options to choose from for your charitable giving.
This includes giving to organizations that help children with special needs learn at their own pace. There are a number of innovative programs you can give to. This includes a bequest program to help children named Story Dogs.
This organization makes it possible for children to learn how to read by reading storybooks to cute and friendly dogs.
As novel as this sounds, the program achieves actual results, increasing literacy among school children.
Donate a Life Insurance Policy
Certain people end up with life insurance policies they really no longer need. If that is the case for you, you should consider donating that life insurance policy to charity.
The policy and benefits entailed can easily be transferred to another party, and you will be able to deduct that gift from your income taxes.
Overall, charity is very important. It helps scores of people live better and fuller lives.
The government knows this form of giving is important. As a result, you can use your charitable giving to help lessen your tax burden.
Consider the options above, as well as others, for giving to charity.
Category: Charity
