Maximize Your Charitable Impact With This Quick Tip

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Impactful Wealth: Strategies for Giving Back and Financial Growth

Your financial plan is a powerful tool that can extend its impact far beyond your personal goals. When infused with intention and heart, it becomes a path to something greater.

Many of our clients recognize the importance of including charitable giving in their financial success plan. Why? Because they see it as their duty to give back to the community that has supported them. Their success directly translates into their ability to make a difference. At Vance Wealth, it's our mission to help you achieve more while maximizing your capacity to give back.

One effective way to achieve this is through a Donor-Advised fund, a strategic approach that enables you to make a substantial donation while benefiting from immediate tax deductions and distributing the funds to charities over time.

Typically, people make their charitable donations in December to take advantage of the current year's tax write-off. However, if your income is lower this year, consider delaying the donation until January 2024. This way, you can save the tax write-off for the following year when it may be more beneficial, potentially doubling your charitable giving deduction in 2024. The charity won't be impacted because they don't pay taxes on your donation.

Just as strategic tax planning requires forward thinking, charitable giving deductions also benefit from a little foresight. By planning for a lifetime of giving, you can both save more and give more—a true win-win.

To discover how to implement this impactful giving strategy and other creative tax strategies, schedule a complimentary consultation with a Vance Wealth advisor. Book an Appointment Here

The information provided is for educational and informational purposes only and does not constitute advice. Vance Wealth does not provide tax or legal advice. You should contact your tax advisor and/or attorney before making any decisions with tax or legal implications.