We all know the saying, “It’s better to give than receive.” Giving makes us feel good, right? And we usually don’t think about what’s in it for us. But, what about charitable giving? Depending on the amount of your charitable contributions, you could be in for a sizeable tax benefit. As a matter of fact, if you factor your charitable donations into your budget, it will allow you to be more generous and lead to strategies that could improve your financial planning long term. With tax season just around the corner, let’s take a look at some benefits of charitable giving and what can be deducted.
Let’s be honest. Taxes, deductions, and tax law can be overwhelming and difficult to understand if you don’t speak that language. It’s always a good idea to sit down with a qualified financial planner to come up with a plan for donating to charities. Your financial planner can help you figure out what types of donations work for you and your future plans. They can also help you find organizations that share the same goals and ideals as you. Also, if you want to make charitable giving a recurring activity this year, look at setting aside money in a Maple Savings Account. That way, you can save smaller amounts at a time to make it easier to give back vs one lump sum all at once.
While you shouldn’t donate funds just for your benefit, if you happen to be donating anyway, there’s no harm in deducting the amount on your taxes. No matter which way you decide to give or which charity you choose, giving back to organizations that do good feels good.
If you’re looking to make charitable giving a part of your regular financial roadmap, talk to a Certified Tax Professional to ensure you are writing off your contributions correctly.
Click the link above to continue or CANCEL