Money Matters: Strategies to make the most out of your donations
As the holiday season approaches, many are considering giving back before the end of the year. Local financial professional Barry Bigelow from Great Waters Financial breaks-down how to make the most of your donations.
The holiday season is the most popular time for giving, and Bigelow says it’s also an excellent time to do so, “The holidays are about giving and so beyond just giving gifts, you know, it’s always a great feeling to give a hand to those who are less fortunate than yourself”.
Bigelow explains how there are three ways you can make the most out of charitable giving:
- Qualified charitable distributions
- Donate appreciated long-term securities
- Open a donor-advised fund
He explains how to claim tax deductions for charitable donations. First, do thorough research. Second, know what items or amounts you can donate. Lastly, make sure to keep all of your keep your receipts.
Finally, Bigelow tells us we should keep this in mind when making donations, “Give what you’re good at. If you’re not a person who has the financial means to give… go teach, go give back a volunteer, go impact someone’s life by bringing clothes, doing those sorts of things”. Though some may not be able to give financially, everyone can something!