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Charitable Giving: Tax-Savings Tips

giving back

If you are committed to making a difference with charitable giving, it is important to understand the tax-saving opportunities that are available. By leveraging these tax-saving tips, you and others can benefit from potential tax deductions and may therefore be able to increase the impact of your donations.

Tax-Saving Tips for Philanthropists

Donate Appreciated Assets

One of the key tax-saving tips for charitable giving is to donate your appreciated assets. If you have assets such as stocks or real estate that have increased in value over time, consider donating them instead of selling them. By doing so, you may avoid capital gains taxes on the appreciation while still receiving a deduction for the fair market value of the asset at the time of donation.

Keep Track of Your Donations

Another tip is to keep thorough records of your donations. This includes keeping receipts or acknowledgments from the charities that you donate to, as well as maintaining a record of any non-cash contributions you made throughout the year. These records will be essential when it comes time to claim your deductions.

Utilize Matching Programs

Additionally, consider taking advantage of donation-matching programs offered by some employers. Some companies have programs in place where they will match their employees’ charitable contributions up to a certain amount, which provides them with a tax deduction. This can effectively double the impact of your donation.

Give Back with Bloom

At Bloom Investment Counsel, Inc., we can help our clients achieve their philanthropic goals by developing individualized portfolios comprised of dividend-paying stocks. These portfolios can not only provide you with growth but can also provide a stable cash flow in the form of dividend income which may then be used for philanthropic purposes.

For more charitable giving tips or to start growing your wealth, contact us today. Call us at 416-861-9941 or email us at

This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.

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