You are not alone if you begin to feel a little anxious when October rolls around. Many people experience year-end stress, whether because of looming deadlines at work, tax-related cut-off dates, anticipating a busy season of travel and social engagements, or simply the realization that another year is coming to a close and there’s not a lot of time left to check off items on the 2024 to-do list.
To top it all off, many families do a lot of their charitable giving at year end, too. But that’s one area that does not need to be stressful. Here are three tips for alleviating fourth-quarter stress and still be able to hit your charitable goals for 2024.
- Charitable giving through a donor advised fund at the Jewish Community Foundation makes giving very convenient. By giving through one source, you can easily track your giving history, reduce paperwork and eliminate the administrative burden of saving individual tax receipts.
- Your late-year timing could actually be useful for the organizations you care about, given the pronounced need for support during the gift-giving time of year, whether that’s to an organization seeking to achieve its own year-end goals or an organization that provides food or utility bill relief during the cold winter months. According to National Giving Month, 31% of charitable giving occurs in December; 12% of giving typically occurs between Dec. 29 and 31; and 28% of nonprofits raise as much as 50% of their funding in December.
- By the end of the year, you will likely have a better idea of your financial situation, ideal target amount for charitable tax deductions and the performance of stock in your portfolio. If you contribute highly-appreciated stock to a donor advised fund, you can avoid capital gains and reduce your taxable estate. The proceeds of that stock will hit your donor advised fund tax free, so the full amount of the sale price is available to support your charitable giving priorities.
Completing your 2024 charitable giving can reinforce philanthropy’s win-win value proposition: You can check a task off your list by supporting causes and organizations that are important to you and receive key tax benefits, and those in need will appreciate your generosity while feeling a greater sense of the season’s spirit. The Foundation is also a great resource for helping to ensure your giving has the desired impact.
For more information about smart charitable giving at year-end or any time, contact me at (913) 327-8286 or .
