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Tips for Gifting Smarter this #GivingTuesday

November 01, 2019

#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 the charity you want to donate to is eligible to receive the tax-deductible charitable contributions. The Federal Trade Commission, ftc.gov, suggests tips to consider to make sure the charity is legitimate.
  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 mean that you won't need to pay 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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