Maximize your donations with these end-of-year giving tips
We call it the season of giving — the time in each year when we search for that perfect gift for loved ones, and when we dig deep for good causes. With the end of the calendar year also comes the deadline for charitable giving for those thinking of gaining a 2019 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. 10.
Colorado Gives Day is an annual statewide initiative that celebrates philanthropy through online giving. Since 2007, more than $296 million has been raised for Colorado nonprofits from this event, including $35.1 million last year alone.
This year’s event is Tuesday, Dec. 10. All you need to do is schedule your donation at coloradogives.org, which ensures that your favorite cause also gains a portion of a $1.5 million incentive fund that’s available to nonprofits of all types in Colorado.
2. Talk to your advisor.
Contact your financial advisor, 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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