Showing Love to Local Charities

Claire Kluth, CFP®

East Tennessee has been my home for almost three years now, and I’ve loved exploring everything it has to offer—from beautiful outdoor spots to amazing local restaurants to friendly new faces. One of the most rewarding discoveries has been learning about the local charities that support vital causes in our community. Organizations like Harmony Family Center, Restoration House, Second Harvest, Emerald Youth, and East TN Children’s Hospital hold a special place in my heart. I’m sure you have charities close to your heart as well.

In the spirit of supporting these incredible organizations, here are some ways to show them some love:

Ways to Support Local Charities

Volunteer Your Time

First and foremost, volunteering your time and skills is a wonderful way to impact a charity directly. Whether it’s helping at a food bank, mentoring youth, or participating in community events, your efforts make a difference. Gathering support from friends and family is also a great way to multiply your impact.

Make a Cash Donation

Cash donations provide immediate value to charities. For example, they can help provide meals through Second Harvest, support equine therapy at Harmony Family Center, or fund life-saving equipment at East Tennessee Children’s Hospital. If you have the resources, charities are always grateful for monetary contributions.

Tax-Efficient Giving Strategies

If you’re looking to give more or give in a tax-efficient way, consider these advanced strategies:

Donor Advised Funds (DAFs)

Donor Advised Funds are charitable tools that make it easy to donate both cash and appreciated stock. When you contribute to a DAF, you can:

• Claim a tax deduction (if itemizing) in the year of contribution.
• Distribute funds to your favorite charities at any time.
• Invest the funds tax-free while deciding which charities to support.

DAFs are especially useful for those who “bunch” their charitable giving to maximize tax deductions in certain years while maintaining consistent donations over time.

Donate Appreciated Stock

Donating long-term appreciated stock (held for over a year and worth more than what you paid) offers a double tax benefit:

1. Deduct the stock’s current value on your taxes.
2. Avoid paying capital gains tax on the appreciation.

This strategy is a win-win for both you and the charity—a triple win when you consider the impact of your donation!

Qualified Charitable Distributions (QCDs)

For individuals aged 70.5 and older with an IRA, Qualified Charitable Distributions allow you to:

• Donate directly from your IRA to a charity.
• Exclude the distribution from taxable income.
• Count the donation toward your required minimum distribution (RMD) if applicable.

This method provides significant tax savings while supporting the causes you care about.

Make a Difference Today

Supporting local charities is a wonderful way to make a difference in your community. Whether you choose to volunteer your time, donate cash, or explore tax-efficient strategies like DAFs or QCDs, every contribution matters.

If you’d like guidance on how to give strategically and maximize your impact, feel free to reach out to us at PYA Waltman. Together, we can help you support the causes you care about most and spread some love in our home of East Tennessee. 

Originally published in West Knoxville Lifestyle.

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