• 858-771-9500
  • CONTACT
  • CLIENT LOGIN
Centura Wealth Advisory
  • Who We Are
    • Careers
  • Who We Help
  • Exponential Value
  • Our Ecosystem
  • Resources
    • Insights
    • Podcast
    • Learn – The Advisor Website
  • Menu Menu
CHARITABLE GIVING, NEWS

How increased charitable giving can improve your bottom line

Hiker young woman with backpack rises to the mountain top on mountains landscape background

Liberating your wealth is achieved with a multifaceted financial plan. Charitable giving is a huge pillar of our Centura Wealth’s mission. Charitable giving is a win-win scenario for everyone. You get to invest in an important cause while improving your bottom line. 

Recently, the IRS also put a temporary suspension of limits on charitable contributions (which is typically 60 percent). This means a greater opportunity for you to enhance your charitable giving contributions. 

Here are a few things you should know as you start incorporating charitable giving into your financial plan.

The Logistics

The first rule of thumb to follow is to always keep records of charitable giving for the tax year. And be warned, there are many forms to fill out.

Keep in mind there are restrictions as to what classifies a charity. There is a list of charitable organizations provided by the IRS as a guideline for individuals, families, and institutions in regards to the CARES act:

  • “A state or United States possession (or political subdivision thereof), or the United States or the District of Columbia, if made exclusively for public purposes;
  • A community chest, corporation, trust, fund, or foundation, organized or created in the United States or its possessions, or under the laws of the United States, any state, the District of Columbia or any possession of the United States, and organized and operated exclusively for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals;
  • A church, synagogue, or other religious organization;
  • A war veterans’ organization or its post, auxiliary, trust, or foundation organized in the United States or its possessions;
  • A nonprofit volunteer fire company;
  • A civil defense organization created under federal, state, or local law (this includes unreimbursed expenses of civil defense volunteers that are directly connected with and solely attributable to their volunteer services);
  • A domestic fraternal society, operating under the lodge system, but only if the contribution is to be used exclusively for charitable purposes;
  • A nonprofit cemetery company if the funds are irrevocably dedicated to the perpetual care of the cemetery as a whole and not a particular lot or mausoleum crypt.”

The IRS has laid out requirements for charitable giving. For each noncash contribution that is more than $500, you have to fill out a 8283 Noncash Charitable Contributions form. 

Gifts

For tax years after 2018-2025, an individual donor may deduct up to 60% of the donor’s contribution base for gifts of cash (and only cash) to a public charity.  To qualify, these gifts must be “to” the public charity, not “for the use of.” The gifts can be subcategorized into short-term or long-term cash flow.

The Bottom Line

If you keep all of your records of charitable contributions, at the end of the year your bottom line will be improved. Today’s low-interest-rate environment affords many charitable planning opportunities that many advisors and donors have never even considered.

While the new 60% limitation may grab headlines, it is limited in its applicability and caution must be paid for donors looking to utilize the 60% limitation in their planning. For example, charitable contribution deductions from prior years, as well as other forms of giving (e.g., household goods, clothing, stocks, bonds, etc.) could void qualification for the 60% limit on cash donations to public charities and reduce it to 50% instead. 

Contact our team at Centura Wealth Advisory so we can work with your tax professional to start incorporating charitable contributions into your financial planning.                                                        

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein.  All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting or tax advice.  We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).   Please read the disclosure statement carefully before you engage our firm for advisory services.

July 17, 2021
Share this entry
  • Share on Facebook
  • Share on X
  • Share on LinkedIn
  • Share by Mail
  • Link to Instagram
  • Link to Youtube
https://centurawealth.com/wp-content/uploads/2024/08/iStock-1204164330.jpg 1368 2192 centurawealth https://centurawealth.com/wp-content/uploads/2024/07/Centura-Logo-Grey.png centurawealth2021-07-17 18:12:002025-04-08 16:33:31How increased charitable giving can improve your bottom line

SEARCH

INSIGHTS

  • Annual review, business, customer review. Action plan, review evaluation time for review inspection assessment auditing. Learning, improvement, planning and development. End of year business concept.
    Market Month in Review – April 2025
  • Close up of businessman using digital tablet with calendar planner and organizer to plan and reminder daily appointment, meeting agenda, schedule, timetable, and management, event planning
    Q1 2025 Market Wrap: You get a tariff. You get a tariff. Everybody gets a tariff!
  • Long-Term Investing: Why Market Timing Fails and Diversification Wins
  • Ep. 107 Navigating Post-Election Exemption Planning

Connect with us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

CONNECT WITH US

  • Link to Facebook
  • Link to X
  • Link to LinkedIn
  • Link to Instagram
  • Link to Youtube

HEADQUARTERS
12255 El Camino Real, Ste 125
San Diego, CA 92130
GET DIRECTIONS
858-771-9500

Our planning fee pricing for income tax planning services is determined using a standardized matrix based on Net Worth, Income, and Meeting Frequency. This base planning fee price may be adjusted to account for increased complexity or the occurrence of a future income event. To project tax savings, we analyze prior year tax returns to determine their past tax liability to project out the following year’s tax liability. Based on facts collected and confirmed by the client, we then identify and evaluate applicable tax strategies and the estimated annual tax savings they would produce if implemented. The estimated annual tax savings are then divided by the annual engagement price proposed to/agreed to by the client to determine the multiple on estimated annual tax savings generated as it relates to the planning fees paid. Please note, these initial projections are preliminary and based on our current understanding of the client’s situation. Outcomes may vary based on client’s decisions or chosen course of action regarding the implementation of recommended strategies, their specific goals, and risk tolerance.

Legal | Privacy Policy | Careers | Disclosures | Form CRS

© 2025 Centura Wealth Advisory. The Centura Wealth Advisory logo is a trademark.

CCG Wealth Management LLC (“Centura”) is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Centura and its representatives are properly licensed or exempt from licensure. For more information click here

Legislative Risk: What do you need to do to prepare?Canicross exercises. Man runs with his beagle dog at sunny morningKayaking and canoeing with family. Children on canoe. Family on kayak ride.How to Liberate your Wealth: A Deeper Look
Scroll to top