#GivingTuesday refers to the Tuesday after Thanksgiving and was a movement started in 2012 by the 92nd Street Y and the United Nations Foundation. This national day of giving was a response to the commercialization and consumerism that created Black Friday and Cyber Monday. #GivingTuesday has seen significant growth since 2012. Last year, it brought in over $45 million, a 63% increase over 2013. While this is impressive growth, it is merely a rounding error in comparison to Black Friday and Cyber Monday which are expected to bring in $13 billion in sales in 2015. Let's help flip that script and raise more money for charities in 2015!
On December 16, 2015, there was an update to this post.
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Qualified Charitable Distribution from IRAs Permanently Extended
For those of you at least 70½ years old, you are probably very aware of minimum required distributions (MRDs) that you are required to withdraw every year from your retirement account(s). What you may not know is that The Pension Protection Act of 2006 enabled IRA owners, age 70½ or over, to directly transfer up to $100,000 per year tax-free to an eligible charity. This option could be used for distributions from IRAs, regardless of whether the owners itemize their deductions. Moreover, the transfer counts as your required minimum distribution (RMD) but does not boost your adjusted gross income. As of this writing, however, Congress has not passed legislation permitting tax-free transfers from IRAs to charity.
Last month, Apple's Tim Cook made headlines as he told Fortune magazine that he plans to donate his estimated $785 million fortune to charity -- after paying for his 10-year-old nephew's college education. Cook said, "You want to be the pebble in the pond that creates the ripples for change."
While the average person doesn't have millions of dollars to give away, it is important to have a meaningful life and make a difference in the world. One way to do this is to find a worthy cause that resonates with your soul. Whether you donate unneeded household items, give money, or volunteer your time, there are many ways to get involved. In the end, you will help create the ripples for change, and you will create more joy for yourself while you are at it.
With 2013 coming to a close, you still have time for year end charitable giving. While Uncle Sam may be taking more from your pockets in the form of taxes this year, one way to reduce your taxable income is to donate to charity. Let's take a look at 3 tips to increase the impact of your charitable giving to make it an even bigger win-win.
Over the summer, Chris and I saw Scott Harrison, the founder of charity: water, and were shocked to learn that every day, 5,000 children die from water-related illnesses before they reach their fifth birthday. In fact, diseases from unsafe water and lack of basic sanitation kill more people every year than all forms of violence, including war.1
Sanitation is more important than independence. -Mahatma Gandhi
As a unique way to celebrate our company's 20th year in business, we've decided to start a Runnymede fundraising campaign to bring people clean drinking water.
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