Philanthropy: A Path to Longevity and Tax Efficiency

The reasons why philanthropy is linked to longevity and happiness are not fully understood. One theory is that philanthropy can help to build social connections and a sense of community, which are both important for one’s well-being. Another states that giving to others can help to reduce stress and improve mental health. Philanthropy can also give people a sense of purpose and meaning in life, which can be beneficial for both physical and mental health.

• Find a cause that you are passionate about.
• Select an organization that you respect and offers opportunities to be a volunteer as well as a donor.
• Confirm that it is a qualified charity. To be eligible for a tax deduction, your donation must be made to a qualified charity and registered with the IRS as a 501(c)(3) organization. Find a list of qualified charities on the IRS website.
• Document your donation. Keep a record of your donation, including the name of the organization, the amount and date of the donation.
• Consider the timing of your donation. If you itemize your deductions on your taxes, you can deduct charitable contributions made in the current year. However, in some cases, you may want to delay your donation until next year.
• Consider donating appreciated assets. If you donate appreciated assets, such as stocks or real estate, you can deduct the fair market value of the assets. This can be a great way to reduce your capital gains taxes.
• Consult with an Oppenheimer financial professional who can help you determine the best approach for your philanthropic giving strategy.
• Get involved: in addition to making a financial contribution, you can also get involved with a charity in other ways. This could involve volunteering your time, fundraising, or spreading awareness about the charity's work.

If you are looking for ways to improve your physical and financial health, consider giving back to your community. Oppenheimer is here to assist.

Click here to find a financial professional today to help develop and implement your giving plan.