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Finance
In the spirit of giving, here are five things to consider when looking for year-end contributions for 2024’s deductions.
As 2023 twirls into its grand finale, and we start dusting off our resolutions for the new year, let’s talk about something that doesn’t just sparkle for the season but has the power to illuminate the entire year: charitable giving. But, let’s be real — choosing the right charity can sometimes feel like navigating a jungle of options. Fear not! We’ve got your back. Before unleashing your philanthropic superpowers, consider these five tips to ensure your giving game is on point.
Today, there are a plethora of organizations working to address various problems in society and around the globe. Whether its focus is education, mental health, or physical health among men, women, or children, these organizations each work toward a unique mission in hopes of bettering their communities. So, instead of blindly giving to the first organization you see, experts say one of the first steps in making a difference is narrowing down which issues you want to focus on.
This decision could be based on your personal experiences or any major events that may have occurred in your personal life this past year. For instance, if you or a loved one experienced any health issues, you may be more inclined to give to an organization working to give marginalized communities access to better health care.
Once you’ve determined what initiatives you’d like to support, the next step is deciding if you want to give a global, national, or local organization. Depending on the cause you decide to focus on, you may find that there are a number of organizations working toward solving an issue just on different scales. While they all do impactful work, giving locally and keeping it close to home adds a personal touch to your giving journey.
All donations are not monetary donations. Although monetary donations can be tax-deductible, you can also make an impact in your community by volunteering your time and skills at local charities and organizations. Volunteermatch.org is a platform “bringing people and communities together through service” by matching them to volunteer opportunities based on their location and areas of interest.
Haniyah Philogene
TheGrio Staff
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TheGrio Staff
Jennifer Streaks
Haniyah Philogene
Jennifer Streaks
Now that you’ve decided what type of organization you want to support and what type of donation you want to make, the final step is finding the specific organization you want to give to. While it may seem as simple as a Google search, the search for charities that are actually active and giving back to their community can be tricky. A charity’s financial health is like your credit score — you want it high. Check out their financial reports to ensure your hard-earned dollars are making a real impact with platforms like charitynavigator.org, givewell.org, or charitywatch.org.
Similarly, if you’re looking to support Black charities and nonprofit organizations, Support Black Charities, The Giving Gap and Charity Navigator have directories of Black-founded charities across the country tackling a number of issues.
Let’s talk coins! Year-end giving isn’t just about spreading love; it’s also about strategic tax moves. Check if the charity is a registered non-profit and if your donation qualifies for that tax deduction. If you give by Dec. 31, it’s like giving back and getting a little something for yourself — a win-win.
Haniyah Philogene is a multimedia storyteller and Lifestyle reporter covering all things culture. With a passion for digital media, she goes above and beyond to find new ways to tell and share stories.
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