Help Your Favorite Orgs & Your Taxes

We are in the thick of the holiday season and Verdi Advising is closed for the week so today’s newsletter is going to be pretty short. Instead of a lengthy post, Marguerite and I wanted to share a little tax advice that could help out some of your favorite organizations.

Before sharing that tip, I want to take a moment to thank you for your continued readership and support throughout this bonkers year. I founded Verdi Advising on the belief that everyone is capable of handling their money well if they are given the opportunities to become financially literate. This year has confirmed that belief (over and over) and I’m so thrilled that Marguerite joined the team so that we are able to help more people reach their goals. We have several exciting things launching in 2021 (course with ilovecreatives, new workshops, the Verdi Money Buddies) and we can’t wait to tell you all about them! Please stay tuned, be kind to yourself, and don’t hesitate to reach out with questions, comments and concerns. 

And now on to a quick tax tip! 

You can deduct up to $300 of charitable donations from your 2020 income when you file in 2021! This means that on top of the standard deduction ($12,400 if filing single or $24,800 if filing joint) or your itemized deductions (which you should do if you can deduct more than the standard amount) you can deduct $300 if you give that much to 501c3 organizations. Nonprofits have been under an enormous amount of strain this year and, if you are financially able, I know they would really appreciate your help. If you haven’t quite finished holiday gift shopping yet this can also be a great last minute gift idea. It helps your favorite organization, gives warm and fuzzies to your family member or friend, and helps your tax liability. Win, win, win!

XOXO