Give yourself a gift: Boost your donations with these tips

The year 2020 will go down as a year like no other. Times are uncertain, needs are great and resources are tight. Perhaps you’re unsure how to show you care. Philanthropy can make an impact on stabilizing communities, and donors can play a leading role. With the end of the calendar year also comes the deadline for charitable giving, for those thinking of gaining a 2020 tax deduction. Here are four tips for making the most of your year-end giving:

1. Make your donation go further on Colorado Gives Day, Dec. 8.

Colorado Gives Day is an annual initiative that celebrates philanthropy through online giving. It is a safe and trusted way to support verified nonprofits. This year’s event is Tuesday, Dec. 8, though you can conveniently schedule your donation today at coloradogives.org! If you select for your gift to process on Colorado Gives Day (instead of today), then your favorite cause also gains a portion of a $1 million incentive fund. The “shopping cart” feature allows donors to support multiple nonprofits in one transaction, so it is fast and easy to spread the love. Since 2007, more than $355 million has been raised for Colorado nonprofits from this event, including $39.6 million last year alone.

2. Talk to your adviser.

Contact your financial adviser, CPA or attorney to talk about the strategic ways to use charitable giving to offset your tax liability, especially if you incurred a “taxable” event. You may consider creating a donor-advised fund. Donor-advised funds can help maximize your tax benefits while making giving easy, effective and enjoyable. Perhaps a charitable remainder trust is the vehicle for you. A CRT allows the donor to receive income for life while saving on income, estate and capital gains taxes.

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