Throughout the year, I find myself reflecting and recognizing all that I am grateful for, and like most of us, I seem to do it more often during the holidays. Although nothing is ever perfect, and we all have our “stuff”, so to speak, I feel fortunate to have a family that I love, and a profession that at allows me to help others, work with an amazing team and incredible clients. And looking back on the year, I am proud of the work that we have been able to do for our clients to help them on their journey to true financial independence and security.
While so thankful for all of my blessings, I am reminded of those less fortunate. I genuinely feel for families who have lost a loved one this year or who has a family member battling a disease. I think of women who are struggling to get out of an abusive relationship, or the person who recently lost their job. There are so many families going through struggles that simply don’t disappear during the holidays.
Often, we refer to the holiday season as a “season of giving.” I believe that stems from people appreciating their good fortune and giving some of that back to those who need a lending hand. This reflection, compassion and caring makes it a beautiful time of year!
What are YOU passionate about? There are numerous worthy and deserving charitable organizations that can make selecting who you want to support overwhelming. Once you decide on where you will donate your dollars, it’s important to understand how the charitable deduction works. People donate to help make a difference, but the charitable deduction is an obvious bonus for tax purposes.
The “Tax Cut & Jobs Acts“ doubles the size of ‘non-itemizer’s’ standard deduction from $6,350 to a $12,000 for single taxpayers. Likewise, couples filing jointly jump from $12,700 to $24,000. It also not only keeps the charitable deduction intact but also increases the limit on cash contributions from 50% to 60% of adjusted gross income when ‘Itemizer’s’ give to charity.
As always, please feel free to reach out to me if you would like to discuss your plan for end-of-year charitable contributions.
Wishing you all a happy and safe holiday filled with laughter, joy and giving.