Community Chat

[ollie5]

ASPCA; Tunnels to Towers.

[Maggie Nolia]

St. Jude, Samaritan's Purse, and local humane society are my top three for financial donations.

Clothing, household goods, etc. usually go to local thrift shop that all its proceeds go to local Hospice House.  Sometimes to Goodwill only because it's convenient.

[BirkiLady]

@Loves Purple  That is absolutely what I'm talking about. Please talk with your financial advisor about completing the paperwork to help save some taxes! 

BTW: I misspoke when I said "I don't plan to withdraw any money until age 75." (That was for retirement plans.) I have also withdrawn money from an IRA and two Roth IRA's due to the RMD laws . . . however, I did skip withdrawals in 2020 thanks to COVID.

When my broker and I talked about my plans for 2021, he mentioned my charity donations. At first, I wasn't sure it was any of his business! When he explained the tax savings, I signed up for 13 charities (some local; some national) that I've been writing checks and mailing each year for a very long time. Let my broker's assistant do that for me each year - and provide a tax savings as well. All coming out of my IRA's. Win-win.   It's been done and all charities have been paid for 2021. Easy-peasy! I won't withdraw my RMD's until later in the year. 

ETA: The really nice part for me is my Lupus has made writing very, very difficult. My hands "lock up" and holding a pen or writing legibly is nearly impossible. Having my brokerage take care of this important task is a huge relief to ensure my future donations, which I'm able to modify with a phone call anytime now that everything is signed. It's all done on the date I wish. Nothing is "set in stone" since it's my account.

If I want to add another charity, I'll need to sign another form for each added charity in the future (and I will gladly do so).

By the same method (a phone call) I'm able to skip or delete a charity if circumstances or something happens that makes me decide I no longer wish to support that particular one.  

[barrel racer]

I only donate to my local animal shelter.  I prefer to buy toys, beds, blankets & food as opposed to $$$.

[lovesrecess]

Goodwill is a nonprofit organization. It has tax-exempt status with the IRS. It is a huge organization and does do job rehabilitation training and sheltered workshops in several different areas. It does not do standard fundraising but does it via their network of thrift stores.