It’s a Unique Way to Make Charitable Giving Part of Your Financial Plan
Did you know approximately one-third of people in the U.S. typically make their annual donations to charity during the holiday season? They are moved by both their generosity and the impending December 31 deadline to secure their tax deductions. At a time when so many people need help, there are still many benefits — tax and philanthropic — to giving back.
Choosing to support and contribute to our United Way creates tremendous improvements for our entire community — and when our community thrives, everyone succeeds. The generosity of our donors makes it possible for people to recover from a crisis, rebuild what was lost, strengthen their physical and mental health, and envision a better future.
This December, when you give to United Way of Broward County, you will be changing — and saving —lives. In addition to the philanthropic incentives of helping people in need, donors can benefit from financial rewards — specifically, the potential tax deductions when making these donations.
The main way tax-deductible donations help lower your tax bill is by reducing your taxable income — and the timing of your donations is critical. To claim a donation on this year’s tax return, the contribution must be made by December 31, 2023.
For example, you can include charitable donations made by December 31, 2023 on your 2023 tax return, which you file by April 2024. However, if you make a donation on January 1, 2024, this deduction won’t apply to your 2023 taxes.
For 2023, the threshold of your adjusted gross income (AGI) when making cash contributions is now 60%, and it’s 30% of AGI when contributing non-cash assets. Also, for 2023, the standard deduction is $13,850 for people who file individually and $27,000 for married couples who file joint returns. For people choosing not to itemize, they still can deduct their charitable gifts — with individual filers allowed $300 in donations and married couples up to $600.
Tax-deductible gifts supporting United Way of Broward County’s great mission can be made in a variety of ways, such as:
- cash
- stocks and bonds
- retirement assets
When you make your donation to our United Way by December 31, you are fueling a better Broward for every person who lives here PLUS you are gaining significant tax advantages and strengthening your financial security at the same time — your act of philanthropy is a win-win for all!
Generous gifts from our donors are needed more than ever — both this week and throughout the entire year. As we move into the final days of 2023, please help our United Way’s extensive impact across Broward to ensure the Health, Education and Financial Prosperity of our community’s most vulnerable people.
Click here to make your donation today — and increase your charitable impact while potentially reducing your taxable income!
For additional guidance on how to maximize your tax deductions with a charitable donation, please contact your tax professional.
Have a great 2024!
