This week we dig into charitable giving, it’s a perfect topic for this time of year. Brian and Bo cover donor advised funds as well as some cool tax tips. We also discuss our goals for 2014 and give you a sneak peak of what to expect from us in the coming year.
Our social media sites are still fairly young and are quickly becoming one of our main focal points. So, we have decided to reward our followers with some really cool gifts. The Money-Guy crew is also going to team up with a charity that supports autism. Brian announced our apparel line, which will start with a couple of t-shirts. Brian is going to pay for the shirts up front and as they sell we are going to donate 100% of the proceeds. We are also looking for someone to volunteer some of their time if you are experienced with graphic design or printing t-shirts.
If you are donating clothes make sure that you are documenting the items you are giving and ask for a receipt that notes the clothes are in at least good condition. Always have a bank record or written verification from the receiving organization that details the amount given and the date of the gift.
Donor advised funds are always a great way to gift money or appreciated stock to charity. We are most familiar with Fidelity Charitable Gift Fund and Schwab Charitable programs. If you need a large current year tax deduction a bigger donation can be made to the account this year and then you can grant the money or stock to the charity of your choice in later years. Essentially, when you make a gift to the charitable account you are making an irrevocable donation and are allowed to take the deduction in the year of the transfer. The down side is that if you grant the money to your charity in years following the transfer, there is no tax deduction because it has already been claimed upon the transfer.