2020 is a year for growth. As a brand-new decade, you can take the opportunity to make lifestyle changes and choices that are good for you, the community, and the environment. That said, take the time this year to plan ahead. From figuring out who you want to give to as well as how often to donate, there are a few things to think about. This is especially true if you want to reap the biggest rewards—both on the tax-front and for personal growth. Learn more tips for planning your charitable giving for 2020, below!
Set a Schedule
If you want to get the most out of your charitable acts and donations this year, then you need to set up a schedule. Decide what months you want to focus on donating clothing, home goods, and other material items, and what months you’d prefer to donate monetarily. From there, schedule your donation pickups in advance—that way you can have it on your schedule and know that it’s time to get things together. A schedule will also make giving more of a routine for you and your family!
Contribute Appreciated Assets
Giving appreciated assets is another thing you could schedule into your giving for 2020. When you give cash, you might not get as much out of your tax deduction as you would hope. If you want to get more out of it and help those charities even further, then plan to contribute appreciated assets—such as highly appreciated stocks—directly to the charity. For example, rather than sell your $1,000 stock and then donate money from that, donate the stock directly to the charity. The charity won’t have to pay capital gains on the stock’s appreciation, which increases your donation and decreases your tax exposure. It’s a win-win!
Understand What Your Favorite Charities Need
As your planning out where to give, make sure you do your research and keep in mind what your favorite charities need. Maybe in 2019 one charity needed more monetary donations, whereas this year they need hard goods. Once you figure out these “wish-lists” you’ll be able to give smarter—making a bigger difference for those chosen charities.
Get the Whole Family Involved
Another great thing you can do for 2020 is getting the whole family involved in the practice of generosity and charitable giving. Have the kids help you figure out what to donate each month or plan a family night at your local shelter. When children gain this experience to charitable giving early, then it creates a lifestyle shift for them moving forward that focuses on helping others.
Don’t Fear The “New Age” of Giving
Our final tip for planning your charitable giving for 2020 delves into embracing this new age of giving. Yes, organizations like us will continue to accept those clothing and home-good donations. The charities we support will love those as well. But it’s also important to recognize that you could expand your thinking. Set up automated payments to give money to the American Red Cross or the Military Order of the Purple Heart. Embrace this trend of immediate giving, as this helps a myriad of people.
We hope that as you plan what you’re giving this year that you turn to GreenDrop. We’ll take those clothing and home-good donation pickups in New Jersey and other locations along the East Coast. Our team provides you with a receipt for your tax reductions and turns those items into monetary donations for your chosen charities. Plan out 2020 with GreenDrop by your side!