On November 18, 2021, Minnesota will celebrate its annual giving holiday, Give to the Max Day (GTMD). In the 12 years since Give to the Max was started by giving website GiveMN.org, donors have given over $200 million to more than 10,000 nonprofits on this day.
Donating on Give to the Max Day is a great way to support the causes you care about and join other donors in special fundraisers, unlocking matching gifts, and reaching campaign goals. If you are like most Minnesotans, you are probably already hearing from the organizations you support about their plans for GTMD 2021.
While many donors may no longer itemize their deductions, all taxpayers can deduct up to $300 of charitable gifts of cash to 501(c)(3) organizations on their tax return. If you donate up to $300 in cash to a qualified organization, your adjusted gross income will be reduced by up to $300 as an above-the-line deduction. In general, gifts made on Give to the Max Day will qualify for this deduction.
While Give to the Max Day is a great opportunity to give together, the number of appeals in advance of and throughout the day can be overwhelming. Matching gifts and campaigns may seem urgent, but organizations benefit from your support throughout the year, and it’s important to think about your own charitable goals when considering your contributions. Your JNBA Advisory Team can help you put together a giving plan that aligns your assets with your values.
Please note JNBA is not an accountant and no portion of the above should be construed as accounting advice. All accounting issues should be addressed with an accounting professional of your choosing.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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