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A Secret Way to A Solid Return on Your Investment


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November 13, 2022

Want to know a secret way to get a solid return on your investment? You might find the answer shocking. As part of your financial planning, give away some of your assets.

Philanthropy and charitable giving is serving public and support initiatives that may not be covered by the public or private sector which helps create thriving societies and economies, especially considering the needs of "community" over the past few years. Charitable giving can be both personally and financially rewarding, which is why it's important to know what your options are so your giving has the biggest impact, and your investment the greatest return.

The tax-deductibility of gifts is dependent on the type of charitable organization so make sure yours is going to a qualified charity, one designated as 501(c)(3) organization per the IRS. These organizations typically fall into three main categories: public charities, private foundations, and private operating foundations. To deduct your charitable contribution, your donation must be itemized on your tax return. The tax benefit you receive for your deduction will vary depending on what type of organization you're donating to and what type of asset you're donating. The total deductions you claim per year may be capped at a certain percentage of your AGI. However, if you find that you've donated more than that limit, you may be able to roll over some of your deductions to the next year as well.

Post-COVID needs have created a world that is focused on giving now more than ever so look for programs that reward those who want to give to charitable organizations. If you shop online, programs like Amazon Smile make small contributions to a charity of your choice for items you purchase. Your employer may have a matching program for donations to charitable organizations. Certain credit cards even give you rewards points or cash back for charitable donations. The point is, even if you don't have a lot of extra money to give, you may still be able to support charities by doing things you're already doing.

For the most strategic giving speak with your oXYGen Financial Private CFO about incorporating into your financial, retirement or estate planning gifts in the form of a bequest, life insurance, cash, appreciated investments, property, or annually using a Qualified Charitable Distribution from your IRA. Planned gifts can be powerful because if done correctly they have the opportunity to give a gift that has a larger impact, leaves a legacy, and provides substantial tax benefits to the giver.

Whether your gift is big or small, charitable giving is something you should learn about not only for the benefit of your community and society but also for your personal and financial fulfillment. Let us help you help others, speak with your Private CFO regarding your charitable goals.

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


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