Miss Giving Tuesday? Advice to Make A Generous Impact

THE BIG THING I WANT YOU TO KNOW:

Tax incentives for philanthropic contributions dropped this year, but the needs haven’t. Tax changes don’t make non-profits any less worthy of our charitable donations.

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get in the spirit of the holidays and extend your time or money to non-profits that depend on your contribution, no matter the tax implications.

 

 
 

Bah Hum Budget!?

Giving Tuesday is (supposed to be) a day where non-profits have galvanized their fundraising and development efforts to round out the year. This genius idea, as I’m sure you’ve seen, is simple: after the American masses dropped bundles of cash on holiday presents for everyone on their list, they pick charities with missions near and dear to them and contribute the Tuesday following Thanksgiving.

Several non-profits are reporting that contribution amounts are down this year. Even though the nation reports a record amount of giving. Personally, I sit on the board of a non-profit that experienced a TWO-THIRDS DROP in contributions. But why?

If you missed out on donating I have a solution that can really become an invaluable experience for your family.


NOTE: While Giving Tuesday overall raised a record $380 million in a record-breaking year. I hear many organizations facing concerns and individuals expressing hesitation to donate.



Let me “Give” You My Thoughts on this bitter trend & a Better Way to end your year

We can’t blame Scrooge for being a Christmas giving downer nor can we draw a solid line between the new tax laws and Giving Tuesday, but the new deductions do remove the tax incentive out of giving.

Those who know their way around a charitable donation know that it’s tax deductible and the standard deduction was recently doubled. For a lot of folks who itemized, every dollar they gave was a straight line tax deduction. But if you’re someone who’s going to be better off this year and you’re not going to itemize, you don’t have as much of a tax incentive to give.

Wealthier folks saw a massive increase in the estate tax allowance. Meaning, if you die tomorrow, the IRS will tax you, but you still get to keep a certain amount of money with out getting taxed. There’s a certain threshold where you get taxed and that threshold went way up.

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People from every end of the political spectrum listen to this show (trust me, I get letters from you), but I’m specifically addressing conservative leaning folks: now’s the chance to prove your point that the government shouldn’t meddle in social and welfare programs and those programs can just as well be sustained by individuals and corporations.

Take this opportunity to shine while proving your case and start opening your wallets to give.

What can you give to make up for that gap?

It’s the Perfect Time for a *New Christmas Tradition

Okay, if you know me, you know I love Christmas. Like A LOT.

I love egg nog, Christmas music and putting presents under the tree for my children. But I wrestle with the notion that my wife and I are spoiling our kids while still wanting to make their Christmases memorable. Sound familiar?

We’ve instated a wonderful Christmas tradition that I highly recommend and we’ve begun to take a portion of the Christmas gift budget and make a charitable contribution to a non-profit that we’ve decided on as a family.



your children are more likely develop lasting memories from the Christmases your family supported a non-profit’s mission and not the $85 video game.


Let’s give from our heart and our head.

If you’re convinced and will join my family in making a donation this year but don’t know where to start, scope out Charity Navigator or GuideStar for ways to intelligently give with confidence to certified 501c3 in a range of impact areas.

Also, if you’re in the Atlanta area (where we hold our main office) we have some favorites we would love to introduce you to! Many of which have been on our show as featured spotlights, interview guests, and more.

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What are you passionate about and what non-profits in your area are making a difference? Join in.

Financial AdviceChris Burns