The holidays are a special time where we all come together to celebrate. Whether you're spending time with your family, hitting the town with friends, or spreading cheer to those in need, there's plenty of joy to be had. Here are seven things you should know during this season of giving before you get caught up in all of the festivities.

Why are You Giving?

The holiday season is a time when many of us focus on what we can get. But what if we took some time to think about what we could give instead? For one thing, giving is a great way to boost our mood. Numerous studies have shown that helping others can lead to increased happiness and satisfaction. What’s more, giving doesn’t have to be expensive. Even small acts of kindness can make a big difference in someone’s life.

Giving Tuesday

'Tis the season of giving, and what better way to show your holiday spirit than by participating in Giving Tuesday? Giving Tuesday is a day dedicated to charitable giving, and it takes place on the Tuesday after Thanksgiving. This year, Giving Tuesday falls on November 29th. If you're interested in taking part in this heartwarming event, there are a few things you can do to prepare.

1. Take some time to research the organizations you're interested in supporting. There are many great causes to choose from, so it's important to make sure you pick one that aligns with your values. Once you've narrowed down your options, visit the websites of the charities you're considering and see if they have any specific guidelines for Giving Tuesday donations.
2. Set aside some money to donate. Even a small amount can make a big difference, so don't feel like you have to break the bank. Once you've decided how much you'd like to give, set up a recurring donation or make a one-time payment on the charity's website.
3. Spread the word! Tell your friends and family about Giving Tuesday and encourage them to participate as well. You can also use social media to raise awareness for the cause you're supporting.

Spend Quality Time

For many people, the holidays are a time to relax and recharge after a busy year. However, for some, the holidays can be a time of stress and anxiety. If you find yourself in the latter category, it might be time to reassess your holiday priorities. Rather than focusing on gift-giving and attending festive parties, try to spend more time with your loved ones. This holiday season, don't sweat the small stuff. focus on quality time over quantity of gifts. Instead of extensive planning, let some simple moments happen naturally. You might find that your holiday blues start to disappear when you connect with loved ones in this way!

Are Charitable Donations Tax Deductible?

While there are many good reasons to donate to charitable causes, tax deductions may be one of the motivations for some donors. So, are charitable donations tax deductible?

The answer is generally yes, but there are some important caveats to keep in mind.

If you're considering making a charitable donation and want to take full advantage of the tax deduction, keep these guidelines in mind to make sure you get the most out of your donation. And don't forget to claim the charitable deduction on your tax return!

Maximize Your Tax Deductions by Bunching Your Charitable Donations

If you itemize your deductions, you may be able to save money on your taxes by bunching your charitable donations. By making two or three years' worth of donations in a single year, you can reach the threshold for itemizing deductions more easily. Since the new tax laws have significantly increased the standard deduction, this strategy can be especially beneficial. Of course, you'll need to be careful not to overdo it-don't make charitable donations just for the sake of getting a tax break. But if you're already planning to make a donation, bunching it with other contributions can be a great way to maximize your deduction.

Bunching

Bunching is a term that is increasingly receiving more attention due to tax reform and the raising of the standard deductions. Bunching refers to when a donor contributes multiple years worth of giving to a charity, or a vehicle such as a donor advised fund (DAF), to exceed the standard deduction. Using a DAF for bunching means the donor can then recommend grants from their fund to their favorite charities whenever they want and whenever is best for the charity.

Bunching is a great way to maximize your charitable giving while still getting the full benefit of the new higher standard deduction

— Fiat Wealth Management

Tis the Season of Giving

The season of giving is upon us! 'Tis the time of year when we reflect on what we're grateful for and think about ways to make the lives of those around us just a little bit better. If you're feeling generous and are looking for ways to give back, here are a few ideas to get you started.

One great way to give back is to volunteer your time at a local soup kitchen or homeless shelter. Not only will you be providing much-needed assistance to those in need, but you'll also get the satisfaction of knowing that you've made a difference in somebody's life.

Another great way to give back is to donate blood. Blood donation is always needed, but during the holiday season it becomes even more important as hospitals tend to see an increase in patients. Plus, it's a great way to help out without having to open your wallet - all it takes is about an hour of your time!

Finally, one of the best ways to spread holiday cheer is simply by being kind and lending a helping hand to those around you. Whether it's paying for somebody's coffee in line behind you or shoveling your neighbor's driveway, small acts of kindness can go a long way in making somebody's day (and yours!).

This holiday season, be mindful of the less fortunate and give from the heart - it doesn't have to cost you an arm and a leg, but your heartfelt effort will make all the difference in the world.

Choose a Non-Profit that's Right for You

There are a lot of great reasons to donate to nonprofits. They can help with causes that are important to you, they can offer tax deductions, and they can provide a feeling of satisfaction knowing you're helping others. But with so many organizations to choose from, how do you decide which one to donate to? Here are a few things to look for:

• Does the organization align with your personal values? If you're passionate about environmental causes, for example, you'll want to donate to an organization that supports those same causes.
• What does the organization do with its donations? Make sure the organization is using its donations wisely and efficiently. You can usually find this information on their website or by calling them directly.
• What kind of impact does the organization have? When you donate, you want to know that your money is making a difference. Research the organization's track record to see what results they've been able to achieve.

Donating to nonprofits is a great way to give back, but it's important to make sure you're donating to an organization that will use your donation in the best way possible. Keep these tips in mind when choosing a nonprofit to donate to and you'll be sure to make a difference.

Although the holiday season is a great time of year, it's easy to overspend on presents, food and travel expenses by following a few simple steps and planning ahead, you can make sure you have a happy and financially stress-free holiday season. So take a deep breath, put on your Santa hat and get prepared for the craziest time of the year! And if you need more help getting organized for Christmas, be sure to check out our blog on how to financially prepare for Christmas next!

How to Financially Prepare for Christmas

This page is a publication of Fiat Wealth Management, LLC. The firm is registered as an investment adviser and only conducts business in states where it is properly registered/notice filed or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.

The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.

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