Charitable

Credit: Pixabay/CC0 Public Domain A revolution in charitable giving is underway due to the growth of donor-advised funds in the United States. Known widely as DAFs, these financial accounts are designated for charitable giving. Donors can get an immediate tax deduction by putting money or other assets into the accounts, and advise the accounts'…

Credit: RDNE Stock project from Pexels New research released today by the Indiana University Lilly Family School of Philanthropy explores charitable giving trends by race and ethnicity—a topic that has not been extensively studied—and looks at declines in participation in giving among communities of color during a nearly two-decade period. …

Credit: Georgia Institute of Technology Conventional wisdom suggests that we give to charity at least partly because of post-donation warm and fuzzies that make us feel great inside. Turns out, it might be the other way around. Georgia Tech School of Economics Assistant Professor Casey Wichman and a colleague from the University of…

Credit: Pixabay/CC0 Public Domain Around 1 million people donated money with hundreds of thousands volunteering for charitable causes as a result of the Ice Bucket Challenge, research has found. Academics from Cardiff University used data from Understanding Society, a large household survey representative of the United Kingdom (UK)…

Sam Bankman-Fried and FTX doled out millions in charitable donations. Now, new management is asking for it back.Some of the money, however, has already been spent, and the gifts flowed through myriad sources and agreements that are proving difficult to tally.  Mr. Bankman-Fried, FTX and its affiliates used stolen customer money to pour billions of dollars into risky wagers that imploded, according to federal prosecutors and regulators. The company collapsed into bankruptcy in November.…

Members of the Salvation Army play music during the lighting of the world's largest Red Kettle in the Times Square neighborhood of New York, U.S., on Tuesday, Dec. 1, 2020.Jeenah Moon | Bloomberg | Getty ImagesThis holiday season, it may be possible to lower your taxes while supporting your favorite charity, experts say.  Despite the shaky economy, most Americans plan to donate similar amounts this year as they did last year, a recent Edward Jones study found.While tax breaks typically aren't the main reason for giving,…

Credit: Shutterstock During the COVID-19 pandemic, food pantries across the country pivoted to create "mobile" options, repurposing school buses or using large tractor-trailers to deliver food to different neighborhoods. This was especially important as rates of food insecurity increased across the U.S. One group that was particularly…

Ariel Skelley | Getty ImagesYou must 'itemize' to claim the charitable deductionWhen filing your return, you reduce your taxable income by subtracting the greater of either the standard deduction or your total itemized deductions — which may include charitable donations. Signed in 2017, former President Donald Trump's signature tax overhaul nearly doubled the standard deduction, making filers less likely to itemize.For 2022, the standard deduction is $12,950 for single filers or $25,900 for married couples filing…

Catherine Mcqueen | Moment | Getty ImagesIt's easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say.Despite economic uncertainty, nearly 70% of Americans plan to donate a similar amount to charity in 2022 as last year, according to a recent study from Edward Jones.Most people give cash out of convenience, but it's generally not the most tax-efficient strategy, said certified financial planner David Foster, founder of Gateway…

CNBC's Jim Cramer on Thursday told investors that he's optimistic that stocks of "amazing businesses" will make a comeback once the stock market faces better conditions, highlighting five names in particular."Over the long haul, I think the best way to make money is by believing, not disbelieving, by owning, not renting, by taking the pain and engaging. Not slamming the door and hiding in the bedroom. That's why I'm here," the "Mad Money" host said."In the end, as much as I can recite the negatives about these five stocks…