December 2021 Tax and Money Tips - Giving or Donating

Greetings everyone!

Can you believe that we are in December already? Where did the time go? 2019 was the year COVID started, 2020 was a stay-at-home year, and 2021 seems like a blur. Christmas is approaching soon. This month's money tips will be about Giving. Here we go.

1. Talk to your Financial Advisor to see if there are any securities that are better off donated (for example, because it has gone up in value) or sold (for example, because it has losses that can be offset against gains from other securities).

2. I think it is great when one volunteers his/her time for church or a charity. However, we should realize that churches and charities can't pay their bills with volunteer hours. So please consider giving money (or the like), to help your church and charities pay for their operating expenses. It would be great if you could give both your money and your time.

3. A radio program and a podcast once answered callers' questions about "Where should I give my money to? My church or charities? There are so many charities that I'm overwhelmed. Anytime I give money, there seems to be a lot of unknown charities that start soliciting for donations. I feel guilty if I don't give." 
I heard the same answer from the radio host and from the podcast host: Give first to your church since it is your local family. Next give to charities you'd like to support. You don't have to give to ALL charities who requested donations from you. 

4. Did you know that some credit card companies allow you to donate to charities using your points? Check with your credit card company to see if this is an option for you.

5. Lastly, here's a personal tip from a Bible study friend from about 20 years ago: Allocate a budget for extra giving (outside of your regular tithe/giving) so that when there is a charity you want to support, you can give from that budget. 

Check out my December webinars HERE!

That's all for now. Feel free to share this newsletter. Merry Christmas and Happy New Year! Happy Holidays!


Photo by Kelly Sikkema on Unsplash