6 Ways to Make the Most of Your Charitable Giving
Giving offers great personal and financial benefits, but you have to go about it the right way. Ideas on maximizing your contributions while minimizing your taxes.
I often talk about how my family has shaped me into the man I am today.
One set of grandparents got me started on saving and understanding finances; they purchased mutual funds for me when I was young, and even got me a subscription to Kiplinger’s Personal Finance magazine.
My other grandparents taught me a lot a about being generous and the blessings of giving. They were always eager to help provide for the needs of others – whether it was family, someone in their church or a charity.
I think many people who have been blessed financially want to give, but they often don’t know how to go about it. And they’re right to be cautious: Some ways are certainly better than others.
With the stress of the holidays behind us, it’s actually a great time to put a gifting plan into action. Don’t rush into it, because it’s easy to make mistakes, and your best intentions can have unfortunate tax – and personal – consequences.
A qualified tax professional can advise you on the best methods for your situation. Here are a few strategies to consider when gifting:
About the Author
Eric Mattinson, RFC
Investment Adviser Representative, Semmax Financial Group Inc.
Eric Mattinson is an Investment Adviser Representative with Semmax Financial Group Inc. in North Carolina. He is a licensed insurance agent, holds his Series 65 securities license and has earned the Registered Financial Consultant (RFC) industry designation. Prior to joining Semmax, Mattinson's professional career included banking and management. He has a bachelor's degree in biblical studies from Piedmont Baptist College and master's degree in management and leadership from Liberty University. Mattinson also serves as corporate chaplain for Semmax, providing spiritual leadership and guidance to staff, families and others as needed.