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Greater Giving Moment

Charitable Tax Planning

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As you’re preparing your tax filing, it’s not too early to think about charitable tax planning for 2022. To help, Perry Green from Waddell & Associates shared what he wishes everyone knew about making charitable gifts. As Perry says: Charitable gifting lets you improve the world and save on taxes at the same time.

  1. If you can, avoid using your checkbook to donate. If you’re in a position to, give appreciated stock. Stock gifts offer the double benefit of a current income tax deduction AND avoid capital gains tax on growth.
  2. Open a donor-advised fund at a place like the Community Foundation. You contribute to the fund and receive the tax benefit this year, but can donate to charities from the fund any time in the future.  
  3. Work with your financial advisor to develop a multi-year charitable strategy to maximize benefits and minimize tax burden. Together, create a plan that helps you support the causes you value, now and in the future.