We are often asked how much an individual should give to charitable organizations each year or what formula should be used to determine how much to give. There isn’t one formula or percentage that is right for everyone, but here are some suggestions regarding the history and standards of giving.

1. Set a Goal For Your Charitable Giving Each Year

Short of the mortgage tax return, charitable giving is one of the best tax breaks you have at your disposal. Seek the advice of your accountant or financial advisor when planning your charitable giving for the year. 

It’s good to have a specific goal to reach. As your income increases over the years, so should your annual giving. For those in the upper income brackets, you may want to consider giving away more than 10% of your income. An extraordinarily generous example is Warren Buffet, one of the world’s wealthiest individuals, who announced he would give away 85% of his fortune to charities. On the other hand, if you make a more modest salary, you might consider donating 10% of your disposable income. 

2. Think of Giving Like Investing

Another suggestion is to treat your giving just as you might your monthly investment into your 401(k) or a college fund. Set up an automatic payment to be made monthly to a particular organization. This way your giving won’t seem to hurt as much, since it will disappear right out of your checking account before you even see it. 

3. Remember, Everything Helps

Donating any funds you can to a nonprofit organization is critical to their success and ability to impact their communities. But remember that you have so much to offer. Many TASC clients rely just as much on volunteers as they do on donors and seek our support in engaging individuals who can contribute to their goals and serve their constituents. 

In Closing

Think about what talents you have and reach out to organizations you value and believe in to see how you can help. If you’re an expert in PR, maybe you can support their story telling efforts or offer support on social media. At the end of the day, what you can give in money or time can make change possible. To learn about ways that The TASC Group can work with your organization on thought leadership and event planning, please visit our website!