You probably already know about Black Friday and Cyber Monday – the two big shopping days that follow Thanksgiving. But did you know that Giving Tuesday is observed on Nov. 28? It’s a good time to begin your charitable giving for the holiday season.
You can always give cash to a charitable organization. If the group has received tax-exempt status, your gift can offer you a tax deduction, too.
If you have stocks that have grown significantly in value, you may want to donate them to a charitable group. You will be allowed a charitable deduction for your gift, and you’ll avoid the capital gains taxes you’d have to pay if you sold the stocks, provided you’ve held them for at least a year.
You can also extend your gift-giving to your children or grandchildren by contributing to a 529 college savings plan, which offers high contribution limits and potential tax advantages.
Through your gifts to charitable groups and your family members, you can take the spirit of Giving Day and extend it throughout the holiday season – and even beyond.
From Kimber Smith, AAMS, CRPC
4767 Mangels Blvd, Fairfield, CA 94534
While Better Bookkeepers uses all reasonable efforts to ensure that this information is current and complete on the date of publication, no representatives or warranties are made (expressed or implied) as to the reliability, accuracy or completeness of such information. Better Bookkeepers, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this publication.