Monterey, CA Charitable Giving Should Be Thoughtful And Maximize Your Tax Deduction

View From A Nonprofit Serving Seniors In Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California

Surveys have shown that the vast majority of Americans are generous and want to give their time and money to charitable endeavors.  Some of us never get around to it, while others are missing opportunities to give to charity while saving significantly on taxes.  For instance, you can give stock which you bought many years ago and write off on your tax return the fair market value on the day of the gift without paying the capital gains taxes on the appreciation in the stock.  If you are thinking of making a significant donation to a charity, talk to your account or financial advisors.  There may be much more creative ways of doing it than simply writing a check.  If you have stock that is appreciated that you want to give to charity but don't want to spend it all in one year, consider starting a donor-advised fund.  This is an investment vehicle where you can transfer stock, cash and other assets and take a full deduction in the current year.  Then, at any time, you have the donor-advised fund donate to the charity of your choice.  This leaves you with a lot of options.

Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands to Help Seniors and the individual members comprising the Board of Governors.