Charitable Giving Throughout the Year

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Posted on Wednesday, October 18, 2023 in Wealth Management

Charitable giving is typically focused around the most generous time of year – the holidays. Strategic charitable giving is an opportunity not only to set a budget for your donations, but also to plan a schedule that can optimize how you give. 

I’d like to share some strategies to make your charitable giving a year-round habit.

1 | MAKE IT AUTOMATIC

Many charities will allow you to set up automated monthly donations. This provides the charity with a steady, dependable source of income and makes setting up your budget easier.

2 | USE DEDUCTIONS WHEN THEY HAVE THE MOST IMPACT

Donations provide tax deductions no matter what time of year you donate, but your tax bracket may change from year to year. Deductions are more powerful when you’re taxed at a higher rate. If you know your income will be decreasing in the next tax year, you may want to make extra donations this year and take advantage of higher deductions.

3 | DIFFERENT CHARITIES, DIFFERENT NEEDS

Each type of organization will have different seasonal needs. For example, many educational institutions solicit more donations during June, when their fiscal year ends. Researching or simply asking your favorite charities when their biggest time of need is can help you determine how you can give when they need it the most.

4 | TAKE ADVANTAGE OF ENDOW IOWA TAX CREDITS

The Endow Iowa Tax Credit program promotes gifts to qualified permanent endowments by awarding up to 25% of the amount donated as a state tax credit when making a gift through Iowa Community Foundation. 

If you want to learn more about this opportunity to enhance your charitable giving, we are here to give you advice and answer questions regarding any aspect of your financial planning.

Contact us today to schedule a complimentary consultation.
Taylor Rood
Administrative Assistant
515) 715-1942 or [email protected]

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

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