GIVING

Money is meant to continuously circulate.  One of the best and most effective methods to keep money in circulation is through charitable giving. As individuals, we have been created to be resourceful, channels of giving, not self-centered, selfish people.   

Giving money is relative and inclusive of anyone as it is meant to create positive change regardless of education, ethnicity, financial means, or wealth status. Giving warms the heart of the donor and the recipient. Many believe their financial resources are too limited to donate or give.  Sometimes redirecting the focus from our challenges and giving to great and worthy causes can create a shift in fortune for us.  I can recall the periods of time of my greatest pain and tribulation became the most fortunate time for me, too.  My determination to give my talent, time, and treasures resulted in some of the greatest reversals of pain to prosperity. 

Becoming a socially responsible individual can offer a sense of pride and purpose that can permeate any personality.  Allow your gifts to fertilize and till the soil for you.  Plant the seeds, do good and not evil, and watch the harvest that you can yield.  Giving creates pots of gold for individuals.  This is not to say that an individual can buy good deeds and good fortune with gifts.  Giving should never be done with any expectation.  Gifts should not be motivated.  Giving should not be used as leverage against an individual or organization. Gifts are pure acts of kindness.  Gifts can be rewarded by the universe and/or government. 

The United States tax code encourages and rewards giving.  For the 2020 and 2021 tax years, taxpayers were allowed to deduct charitable contributions for up to 100% of the Adjusted Gross Income (“AGI”) for the respective tax years.  Visit Tax Exempt Organization Search | Internal Revenue Service (irs.gov) for a comprehensive listing of charities and nonprofit organizations. Since tax year 2022, the allowable deduction for charitable contributions is 60% of a taxpayer’s Adjusted Gross Income (“AGI”).  Deductions of charitable contributions provide significant tax savings to donors and should be considered in the tax planning for each taxpayer who itemizes deductions.   

To schedule a consultation with Nicole Michelle, feel free to connect with her on the Home Page.

Nicole Michelle 

Finance and Money Wiz 

December 1, 2023