The Best and Worst Ways for Retirees to Give on Giving Tuesday

Cash donations are certainly the most convenient, but you could be overlooking significant tax advantages by taking the easy way.

Blocks sitting on the keyboard of a laptop spell out Giving Tuesday next to a red wooden heart.
(Image credit: Getty Images)

I have attended two charitable galas in the last two weeks. I missed the third because it was double-booked with the second. ’Tis the season.

At both events, I swiped my credit card on the way through the front door. Any donations, whether for auction items or pure donations, would be considered a “cash donation.” While this is certainly the easiest, it is almost never the best from a tax perspective.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.