Tips for Gifting Smarter this #GivingTuesday

#GivingTuesday is Dec. 3. If you plan to use this as an opportunity to give back, these tips will help you donate wisely.

  1. Do your research. If you're interested in using your donation for tax purposes, visit irs.gov to find out if your charity fits the definition of a nonprofit organization. The Federal Trade Commission, ftc.gov, also offers valuable information on how to check a charity’s validity and status.
  2. Keep records of your donation. Many charitable organizations send an acknowledgment of your donation. If they don't, be sure to save your canceled check or credit card statement. Any charitable gifts you make before year-end may be tax-deductible for the current year.
  3. Consider other ways to give back. Do you have assets that could offer tax advantages if you donated them directly to a charity? Gifting appreciated stock could help you avoid paying capital gains taxes. You may also be able to give directly from your IRA to a charity, using a qualified charitable distribution (QCD). There are age and maximum distribution rules for this type of gift, though, so it's important to discuss either of these strategies with your financial advisor and tax professional.
Finally, consider donating your time. Many organizations need help and would appreciate your service. If you don't already have a favorite charity, you can find volunteer organizations in need in your area at volunteermatch.org.

Important Information:

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation..

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