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Why is it advised not to wait until December to make donations?

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When it comes to charitable giving, many people tend to wait until December to make their donations. However, there are several reasons why it's advised not to wait until the end of the year to contribute to your favorite causes. Firstly, charitable giving shouldn't be a once-a-year event. Just like saving for retirement, it's best to make regular contributions throughout the year. This not only helps the charities you support maintain a steady stream of funding, but it also allows you to spread out your giving and potentially make a larger impact over time. Secondly, there are tax benefits to consider. When you contribute to a donor-advised fund (DAF) like Daffy, you're able to take an immediate tax deduction for those contributions. This means you can reduce your taxable income and potentially save on your tax bill. Moreover, research suggests that giving regularly can have positive effects on your health. It's been found that those who give regularly experience more health benefits than those who don’t. This is another reason to make giving a habit rather than a once-a-year event. Daffy makes it easy to set up recurring contributions and donations from your own donor-advised fund. You can donate cash, stock, or crypto, then earmark the money for your favorite causes. This way, you can remain consistent about your giving, even during times of financial hardship or recession. By pre-funding your DAF with multiple years' worth of giving, you can ensure that there is always money available for the organizations and causes you care about. This is particularly beneficial during down markets and recessions when charities may be struggling with decreased donations. In conclusion, don't wait until December to make your charitable donations. Start giving regularly with Daffy today and experience the joy and benefits of consistent giving.

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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