Showing posts with label charitable giving. Show all posts
Showing posts with label charitable giving. Show all posts

Wednesday, August 1, 2018

Nation's Most Charitable States


As children, we are all taught that it’s better to give than to receive. Of course, what we do with this teaching and how true we take it to be varies from person to person.   


It would seem, however, that most people in the United States take this teaching to heart since America consistently ranks as the second most giving country in the world.

With that said, though, some states are more giving than others.

The District of Columbia

As of 2017, the most giving state in the nation is also our country’s capitol, Washington, D.C. The state has more non-profits than any other, as well as more volunteers giving more time than anywhere else in the nation. On average, a Washington, D.C. resident will donate more than $1,400 per year to reputable charities.

Wyoming

Wyoming is yet another very charitable state. Like Washington, D.C., it has a large number of non-profit organizations. Plus, the average Wyoming resident gives a little under $1,000 to charity each year.

Utah

Apparently, your state’s name doesn’t have to start with a “W” to be considered super-charitable, but it does need to start with a letter near the end of the alphabet. We say that in jest because Utah is also one of the nation’s most generous states, with over 43% of residents regularly volunteering. On top of that metric, the average Utahan will donate $1,200 to charity each year.

Other States

These three are, of course, not the only states where charitable giving is high. Other very giving states include:

l  Minnesota
l  Nebraska
l  South Dakota
l  Oregon
l  Virginia
l  Connecticut
l  Washington

Whether you happen to be from one of these states or not, giving is still a smart thing to do, especially since you can deduct many charitable donations from your taxes. No matter where you live, you can learn more about this opportunity to give and save at the same time by contacting a qualified tax professional.


Monday, December 28, 2015

Responsible, Charitable Giving

Charitable giving is a wonderful thing to do. Not only will it make you feel good about yourself and your contribution to the community, but it’s also tax deductible in most cases. Some people even enjoy giving so much that they do it regularly, often via monthly deductions from their accounts.

While financial planners are typically in favor of some charitable giving, they do sometimes frown
upon giving too much. As such, if you’re a big-hearted person, listen to your financial advisor if he or she says you’re giving away too much. When a financial advisor says that, it’s usually an indicator that you’re lacking in other areas, such as personal savings or retirement funds, and that you can’t afford to give as much as you are. Remember, giving is good, but you also have to look out for yourself, especially if you want to be able to keep on giving.

You should also listen to your advisor’s counsel about which charities to give to. Unfortunately, not all charities are legitimate, and the IRS realizes this. That’s why it only recognizes certain charitable contributions and certain charities. Giving is great, but you still deserve to get something in return, so make sure you are giving to real charities and that you can actually deduct what you’re giving.


Your financial advisor is a great source of information when it comes to responsible giving. Remember, your advisor isn’t ever trying to stop you from doing something good; he or she just wants you to do good the right way. When you do that, everybody wins!

Monday, March 23, 2015

Documenting Your Charitable Donations

Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax fo1m-and possibly an appraisal-may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules.




We can offer advice that will make it possible for you to fund the causes you believe in and qualify for the deductions you deserve. We can also help you incorporate charitable giving into your long-term tax and estate planning. Be sure to contact us with all of your questions on charitable giving or any other financial concern.