Skip to main content

Charitable Giving Throughout the Year


Posted on Monday, October 12, 2020 in Wealth Management

Gift to Charity Form

Charitable giving is typically focused around the most generous time of year – the holidays. Strategic charitable giving is an opportunity not only to set a budget for your donations, but also to plan a schedule that can optimize how you give.

I’d like to share some strategies to make your charitable giving a year-round habit.

1 | MAKE IT AUTOMATIC

Many charities will allow you to set up automated monthly donations. This provides
the charity with a steady, dependable source of income and makes setting up your  budget easier.

2 | USE DEDUCTIONS WHEN THEY HAVE THE MOST IMPACT

Donations provide tax deductions no matter what time of year you donate, but your tax bracket may change from year to year. Deductions are more powerful when you’re taxed at a higher rate. If you know your income will be decreasing in the next tax year, you may want to make extra donations this year and take advantage of higher deductions.

3 | DIFFERENT CHARITIES, DIFFERENT NEEDS

Each type of organization will have different seasonal needs. For example, many educational institutions solicit more donations during June, when their fiscal year ends. Research or simply asking your favorite charities when their biggest time of need is, can help you determine how you can give when they need it the most.

4 | TAKE ADVANTAGE OF ENDOW IOWA TAX CREDITS

The Endow Iowa Tax Credit program promotes gifts to qualified permanent endowments by awarding up to 25% of the amount donated as a state tax credit when making a gift through Iowa Community Foundation. If you want to learn more about this opportunity to enhance your charitable giving, we are here to give you advice and answer questions regarding any aspect of your financial planning.

Richard Nelson Contact Info

Contact us today to schedule a complimentary consultation.
Sydney Pottebaum
Administrative Assistant
(515) 663-3054  |  Sydney.Pottebaum@LPL.com

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First National Bank and First Point Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using First Point Wealth Management, and may also be employees of First National Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, First National Bank or First Point Wealth Management. Securities and insurance offered through LPL or its affiliates are:

LPL Disclosure Box

Back to Top