A Meaningful Way to Support Young People and Make the Most of Your Giving
Here’s something many in our community may not realize: there are ways to support one-to-one mentoring that are not only impactful for young people, but also financially smart for you.
Recent tax changes have shifted how many people approach charitable giving. You may now be eligible for a special tax break if you take the standard deduction, allowing you to claim up to $1,000 as an individual or $2,000 as a couple for charitable contributions. If you itemize, your total donations must exceed 0.5% of your annual income to qualify for a deduction.
With additional limits on deductions for higher-income taxpayers, you might be exploring how to maximize your giving while also being mindful of your financial goals. The good news is there are strategic ways to do both.
As you think about your impact this year, here are a few options that can help you support young people while offering potential financial benefits:
- Gifts of appreciated stock or cryptocurrency
You may be able to avoid capital gains taxes while helping expand access to mentoring - IRA charitable gifts (for those 70½ and older)
These gifts can reduce taxable income and may satisfy your Required Minimum Distribution - Donor-Advised Fund grants
Recommend a gift using funds you’ve already set aside for charitable giving
Your generosity helps ensure young people have consistent support, guidance and someone in their corner when it matters most. Thank you for considering how your giving can make an even greater impact.
As always, we recommend consulting your tax advisor to understand how these opportunities best apply to your individual situation.
