Not only can charitable giving be gratifying to give back to personal causes, it can also be a way to minimize downside risk within a portfolio and limit taxes. The Tax Cut Jobs Act of 2017 changed the landscape for taxes by nearly doubling the standard deduction and hurting the impact of itemizing deductions through charitable giving. With the new tax code in place, there are still ways to give back and find the best tax strategy for your situation. No matter if you’re in Los Angeles or anywhere in the US, what is the most efficient way to give back?
Several studies show that happiness levels increase as an individual earns more until reaching about $75,000 in annual salary. No matter how much over $75,000 people earn, they don’t report feeling happier. Typically, financial advisor conversations are centered around how to achieve financial goals. This can be done by saving money, living a healthy and affordable lifestyle, and having a fee-only investment advisor tailor a strategy to meet the overall financial plan.