Charity, philanthropy, giving, and helping others are all names for the ways we are good people and use our wealth to make the world a better place. We are always on the lookout for ways to give more; maximize the tax benefits of our charity work, and make the world a better place.
Charitable giving comes in many different forms. Some people like to donate their time to one or more organizations, getting extremely involved in helping to support the entity in its day to day operations. Others prefer to contribute money to one or two organizations, with a desire to have a focused impact. Others sit on boards as directors or trustees, often making a large financial commitment to the organization. Others focus on supporting a wide variety of causes.
We believe that charity is important, both as a personal virtue and as part of American civic life. We also believe that charity begins at home, and Bette devotes a substantial amount of her time and energy to support groups serving South Florida area Women and Children and groups serving the South Florida Jewish community. Bette also uses a Donor Advised Fund to help manage her philanthropy throughout the year.
Volunteerism is important and good for the soul. We encourage all employees, contractors, clients, and business associates to give back to communities that are important to them. All of our tax planning discussions talk to people about how they may want to incorporate their philanthropy in their business and daily lives.
With the increase in the standard deduction, more Americans will find the deductions for charitable giving to be less significant than in the past. One approach to managing this is lumping your giving in one year, if that allows you to take the standard deduction every other year the difference between the standard and itemized that year is free deductions. One method for this is that if you normally give at year end, you alternative between December and January, so you can stack your giving to maximize your benefits.