Painting Biz Owners: Boost Your Tax Savings Thru Charitable Giving! Discover Ways to Donate & Save.

During the holidays, there are plenty of places that would love to take your money. Just make sure that they are an official 501(c)(3) organization. Those are going to be your big nonprofits, Salvation Army, churches, educational institutions. Quick tip: GoFundMe campaigns for individuals are not nonprofits. You can donate cash, you can donate property. Appreciated property is a great way to handle this. Let's say you have a piece of property, you paid $50,000, now it's worth $100,000. You want to sell it and donate $50 grand to your favorite charity. Don't sell the property. Donate the appreciated property directly to the charity. Let them sell it, and they don't have to pay taxes on it. So you've just increased your donation by whatever your, your tax bracket is.