Many households give to charity each year according to recent studies. Giving to education charities tops the list, followed by donations to human services charities and foundations. With the good work going on, the beginning of the year is the perfect time to start your charity giving plan and how to give most efficiently.
There are a variety of things you can do to ensure you increase what you give to your preferred charity organisation in Singapore. Luckily, we have compiled some of these things that will help you maximize what you give to charities. Read on below for some few suggestions.
Make Non-Cash Gifts Part of Your Giving Plan
Cash gifts are great and can be very helpful to non-profits. But there are other non-cash methods to benefit charities. You have probably donated household items and clothing to charities in the past. However, are you keeping a detailed list of the items being donated, their thrift shop fair market value, the original purchase price and the donation date?
If not, you are overlooking important tax documentation. Are you looking for another non-cash option? Gift appreciated stock! This means you won’t pay long term capital gains tax on the stock appreciation.
Create Impact To Your Contribution
You likely have a big heart and want to give to several different causes. Yet there are so many valuable causes in the world. Yourdonations to a charity organization in Singaporewill go further if you select a few causes and give meaningfully to them. Consider consulting charity navigator for independent rankings on the non-profits level of transparency and accountability.
Your time is more valuable than writing different checks and tracking them for income tax purposes. Not to mention, you can get more involved with the charity’s mission and perhaps serve on the board. You will know where your dollars are going and you understand the direct impact your donation has on each intended person.
Wrap Up
In addition, be selective since there are a lot of great causes out there. Giving separate contributions won’t make as much of difference. Use sites like charity navigator to make sure you are giving to worthwhile organizations and choose just a few spots for your hard-earned cash.
In the end, there are many ways to make your charitable giving count. With some planning and potentially the help of a financial advisor, you can make sure that you make the most out of your great work.
