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Published on November 29, 2021 | LPL Financial
There are countless benefits of charitable giving. Through generous donations, you can make a difference in your community and society. You may also feel happier and even save on your taxes. On September 5th, consider participating in the International Day of Charity by donating to a cause or organization you value. Here are some key things to need to know regarding charitable giving.
If you choose to itemize your taxes, charitable contributions can reduce your tax bill. It may be an excellent idea to itemize if the total of your deductions plus charitable gifts equals more than the standard deduction. Thanks to the Consolidated Appropriations Act, you may deduct up to 100% of your adjusted gross income every time you make a charitable cash deduction to a public charity in 2021.
If you decide to give to a charity, ensure it’s a 501(c)(3) public charity or private foundation to receive tax benefits. Then, keep a receipt or another record of your contribution. At tax season, itemize your deductions (if appropriate to your situation) and file your tax return. Your tax professional can help you determine how charitable contributions will impact your tax situation.
Charitable giving was at an all-time high during the pandemic. Charitable giving reached a record of $471 billion in 2020. Many Americans choose charitable giving as a way to help others during this unprecedented time. Since they couldn’t volunteer in-person at local charities, many donated their financial resources, despite the economic hardships they may have endured.
If you have any questions on charitable giving or how it may affect your financial situation, we’re here to help. Contact us today to learn more about how securities can help impact your giving ability.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
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.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
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