Charitable gifts are not just for the holidays
Last year and every year, in fact, it is estimated that 30% of the $300 Billion of charitable gifts are made around Christmastime in December. In fact, most recently, 10%, that’s $30 Billion came in the last 48 hours of the year. This is more than procrastination. It’ bad planning. And it’s murder on charities who, after all, operate for all 365 days a year. And it’s murder on advisors who much prefer planning how to make the best gift and get everything lined up without a gun to their heads. How do we change the paradigm?
Let’s look at this differently. Tax deadlines come four times a year for wealthy donors. The end of the year is just one deadline. Estimated taxes are die on the fifteenth of January, April, June and September. If we’re able to complete gifts anytime throughout the year, we’re also able to recalculate our clients’ estimated payments four different times during the year. Why wait?https://www.thebalance.com/income-tax-deadlines-3192862
Maybe if we serve egg nog in June we can begin to shift the thinking. Waiting until year end is silly and dangerous for several reasons. Give now. Reduce taxes now. Makes so much sense.
Contact Two Hawks Consulting today to explore ways to give charitable gifts throughout the year, not just during the holidays.