Considering a charitable gift before the end of the year? Here’s what you need to know.
Thinking about donating to a cause before the end of the year? This article will help guide you in considering the benefits of end-of-year giving, marking your calendar for dates, and resources to help you find a nonprofit organization that aligns with your values.
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Why consider a charitable gift before the end of the year?
Donating to a nonprofit organization before the end of the year can have several benefits and motivators, including:
- Tax Deductions: Many people donate to charities to qualify for a tax deduction. Charitable contributions made before the end of the tax year can be deducted from your taxable income, potentially reducing the amount of income subject to taxation. This can lead to a lower tax bill when you file your income tax return.
- Supporting a Cause: People often donate to charities because they are passionate about a particular cause or organization. By giving before the end of the year, you can provide essential support to a cause you care deeply about. Visit Nonprofit Search to explore nonprofits in our area.
- Holiday Season Giving: The end of the year, which includes the holiday season, is traditionally a time of giving. Many individuals are in a charitable and giving spirit during this time, and they choose to make donations to help those in need, both locally and globally.
- Reducing the Impact of Capital Gains Tax: Donating appreciated assets such as stocks or real estate before the end of the year can help individuals avoid or reduce capital gains taxes that they might incur if they were to sell these assets. You can receive a tax deduction for the fair market value of the asset at the time of the donation.
- Honoring Loved Ones: Some people choose to make donations in honor or memory of loved ones during the holiday season as a way of giving back and paying tribute to those who have made a difference in their lives.
- Feeling Good: Giving to charities can be a deeply rewarding and fulfilling experience. Many people find joy and satisfaction in helping others, and donating before the end of the year can be a way to feel good about making a positive impact in the world.
Important End-of-Year Giving Dates to Mark on Your Calendar
- Tuesday, November 15th: Have a plan in place for your end-of-year charitable gift giving. This might mean talking to your family or meeting with a financial planner to help organize your priorities and determine the beneficiaries of your donation(s). Whoever needs to be a part of the conversation, make a point to reach out today and get a get-together or meeting planned in the next couple of weeks.
The next set of dates are specific to giving through Central Florida Foundation if you’d like a charitable gift to be accounted for in 2023; however, these dates likely will also apply to any charitable giving.
- Monday, December 4th: Gifts of mutual funds must be made; however, some mutual funds require more time, so we recommend getting an early start.
- Friday, December 8th: Signature (Donor-Advised) Fund grant request deadline. Log into your MyFund portal to request a grant. Haven’t requested a grant in a while? Watch a short tutorial here. Note: Timing of grants does not impact charitable income tax deductions.
- Monday, December 11th: Gifts of real estate and partnership interests deadline. If held for more than a year, real estate usually provides the same tax benefits as gifts of securities. We also consider gifts of limited liability company interests and limited partnership interests.
- Friday, December 15th: Gifts via ACH on Foundation website deadline. If you’re a Fundholder, log into your MyFund portal to make a gift via ACH. If you’re not a Fundholder, you can still give to a Fund via ACH by visiting our donation page.
- Wednesday, December 20th: Gift of public stock deadline. Gifts of appreciated stock can result in avoiding capital gains tax and receiving a tax deduction on full market value by establishing a fund with us.
- Friday, December 29th, by 12pm: Last day for hand-delivered gifts to Central Florida Foundation offices. Our address: 800 N. Magnolia Ave., Suite 1700, Orlando, FL 32803.
- Saturday, December 30th: Gifts made by mail must be postmarked by this day. This is a Saturday, and the last day of mail for 2023!
- Sunday, December 31st: Last day for gifts by credit card on the Foundation’s website.
Want to give a charitable gift but not sure where?
It’s important to feel good about where you’re giving. That’s why Central Florida Foundation has two great resources that align with a variety of causes.
Support the cross-sector work the Foundation is doing under our Thrive Framework.
Explore local nonprofits on Nonprofit Search. All profiles are verified by the Foundation team.
Questions about your charitable giving? Contact our team of philanthropic experts today.
Fill out the form below to contact Neil Rios Laverde, our Philanthropic Relationship Manager, and get your questions answered.
Contact Our Philanthropy Team
Parts of this article were generated using OpenAI ChatGPT (October 2023 version), however the facts, links, calls to action, local information, and overall message have been created and verified by Foundation staff.
Tags: donate, end of year, giving