Boxing Day's December 26th – Last Day for Giving Back and Tax Deductions 2023
So, what exactly is Boxing Day?
According to Wikipedia, this official holiday originated in Great Britain and is observed in several Commonwealth countries, including Australia, Canada, and New Zealand. Regardless of its historical roots, one thing remains certain – it's a day cherished for its tradition of giving to those in need, from servants and tradespeople to the less fortunate. It's a heartfelt tradition that continues to warm communities.
Now, mark your calendars because December 26th isn't just any day; it's the grand finale of kindness before the curtain falls on the tax year. And here's the exciting news – Uncle Sam is feeling exceptionally generous in 2023, showering us with tax incentives for our charitable giving. So, why not seize the moment and spread some joy?
Before you dive into the joyous sea of giving, let's talk strategy:
Consider This When Choosing a Charitable Organization:
Selecting the right charity is a crucial step in making decisions about where to allocate your resources. Take a deep dive into charity websites, connect with people working for your chosen charities, and gather insights from other donors. Ensure you're confident about their charitable tax status by checking documents like IRS Tax Form 990, EIN number, or a letter from the Secretary of State. Your gift should make a meaningful impact.
Kate Torgovnick's wisdom on picking the right charity, as published on the TED Blog, suggests starting with a broad search and narrowing it down. Utilize websites like Guidestar.org, GreatNonprofits.org, Philanthropedia, and GiveWell.org. While these resources are beneficial, don't solely rely on them. Take it a step further with in-person interviews and tours. Just like test-driving a car, this research ensures a strong and lasting commitment to your chosen organization.
How to Give: The Fab Five of Giving
1. Money Talks:
Give a little or a lot – every bit counts. Consider setting up celebration-themed fundraisers or turning gifts for special occasions into donations. Encourage friends and family to contribute to your chosen cause instead of traditional gifts for holidays and life celebrations. Whether you choose to give once a year or on a more frequent schedule, specifying your donation to a particular fund within the organization can maximize its impact.
Imagine the impact of your monthly generosity. Take C2 Your Health Women's Initiative Inc. – for just the cost of a daily cup of coffee, $36 a month transforms lives. It covers a full year of mentoring for a woman entrepreneur, providing a pathway out of domestic violence and low-income neighborhoods. Your support doesn't just empower them; it builds economic security for their children, sparking generational change.
2. Time is Money:
Be the unofficial fundraiser extraordinaire. Host virtual fundraisers, explore crowdfunding platforms like Kickstarter or GoFundMe, and set up GivingTuesday and Boxing Day campaigns.
3. Skills and Resources:
Your expertise, experiences, and connections can be invaluable. Share your skills or connect with causes you believe in.
4. Stuff Matters:
Whether it's cleaning out your closet or making a special purchase, your unused or new items can find a new home and purpose.
5. Shop for a Cause:
Did you know shopping could be an act of kindness? Some nonprofits have online stores where every purchase supports their cause – it's retail therapy with a heart!
And now, for the cherry on top – IRS Charitable Donations!
Check those calendar boxes before December 31, my friends. Ensure your gifts are directed to IRS-qualified charities. Verify the credibility of your chosen charities through the provided links. And guess what? The tax break is the icing on the gingerbread house. The IRS practically encourages you to make those donations, and who are we to resist?
So, let's be merry, bright, and downright generous this holiday season. You don't need a grand gesture to make a splash in your community. Remember, whether it's a dollar or a sleigh-full, every bit counts!
Happy giving, and may your Boxing Day be as jolly as can be!
This holiday season, be sure to pay it forward. You don't have to give something huge to make a difference in your community!
Stay Healthy. Stay Connected. Stary You.
Cindy Cohen RN, BS BA
Founder, President
C2 Your Health Women's Initiative Inc.
Women Move Forward Mentoring Community
C2 Your Health Women's Initiative Inc. is designated by the IRS as a nonprofit organization for the betterment of women entrepreneurs in our communities. You can make a donation by going to www.supportherjourney.org
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