What is the deadline for making year-end contributions to maximize 2021 tax deductions?


When it comes to maximizing your 2021 tax deductions, Daffy offers a great option for a Donor-Advised Fund (DAF). One of the key benefits of Daffy is that you can take an immediate tax deduction for contributions made to your fund. This includes cash, stock, or crypto contributions. Plus, you can invest these assets to increase their potential impact and take your time to choose the charities you wish to support. To ensure your contributions qualify for a 2021 tax deduction, there are some important deadlines to keep in mind. For cash contributions made via ACH Transfer, Apple Pay, or debit/credit card, you need to initiate the process on Daffy by Saturday, December 31, 2022, at 11:59 pm PST. For stock and ETFs, you should initiate the process with your broker by December 16, 2022. This is because broker processing times can vary, and the stock must be received and verified by Daffy by December 31, 2022, at 11:59 pm PST. If you're contributing crypto, you need to initiate the wallet transfer and ensure it's cleared by the specified blockchain by December 31, 2022, at 11:59 pm PST. For DAF transfers, initiate your grant to "Daffy Charitable Fund" with your existing provider by December 16, 2022, due to varying grant processing times. While donations to the end charity are not subject to end-of-year deadlines, Daffy understands the importance of charities receiving donations during the holiday season. Therefore, they recommend submitting your donation by December 16, 2022, to ensure it's processed as quickly as possible. Remember, Daffy is not responsible for delays caused by a brokerage firm, DAF provider, or charity. So, it's best to start the process as early as possible to ensure your contributions count towards your 2021 tax deductions. With Daffy, you can not only maximize your tax deductions but also make a significant impact by supporting the causes you care about.

Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.

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