Can You Make Charitable Giving Less ‘Taxing’? – EDWARD JONES

Written by on December 1st, 2023


Once again, it’s the season of generosity. If you’re thinking of making charitable gifts, what should you know?

For starters, make sure that any charity you’re planning to support is reputable and uses its funds wisely. You can find valuable information on charities at the Charity Navigator website.

You might also think about the tax benefits of charitable giving. If you itemize on your taxes, you can get a deduction for gifts of cash or other financial assets.

But you might also think about longer-term charitable giving strategies that offer tax advantages. One such possibility is a donor-advised fund, which allows you to make charitable contributions and receive an immediate tax deduction. And if you give appreciated assets, such as stocks, you might also avoid capital gains taxes.

Once you turn 73 and must start taking withdrawals from some of your retirement accounts, you could consider having some of this money go directly to charities through a qualified charitable distribution, which can be excluded from your taxable income.

See your tax advisor to determine if these strategies are appropriate for you. If so, they might help make your charitable giving a less taxing event.

​​Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding our situation.

This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern. 

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