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What are the best charities to donate to 2020?

Use our year-end year guide for #GivingTuesday and beyond.

The holiday season encourages many of us to think about giving – to family, to friends and to charities and organizations that depend on our contributions at the end of the year. But finding the right organization to support is often more difficult than people realize. While many of us have our sources for charities, it can be time consuming to research and add a new qualified charity or nonprofit to the list, and the work of researching various causes can provide enough of a barrier to prevent you from giving completely. .

This is where we can help. This year, there is a particular need to support organizations working to help people affected by COVID-19, as well as organizations dedicated to supporting communities affected by hurricanes, fires and other natural disasters. You may also want to contribute to a group that works to promote social justice or close the racial wealth gap. And while altruism is its own reward, you should also know that this year's CARES Act allows you to deduct up to $ 300 in charity as a deduction above the line – even if you do not specify deductions. (Translation: You can deduct a few dollars from your tax bill.)

Here are some suggestions to help guide your charity sharing, whether or not you plan to make a one-time donation on Giving Tuesday – the annual day many organizations may offer matching donations – or provide the long-term support that comes with a recurring contribution.

In this article:

COVID-19 relief funds

Earlier this year, Haven Life created a list of COVID-19 relief funds that need your support – and organizations such as Feeding America and the American Red Cross still do the important thing. the work of providing food, emergencies and other important resources to people affected by the COVID-19 pandemic.

Charity Navigator also has a recommended list of non-profit organizations that provide help and assistance to communities affected by COVID. This online platform is an excellent tool if you want to make a charity contribution to a specific COVID non-profit organization. Charity Navigator is the largest charity evaluator in the country and an invaluable resource for people who want to make high-impact donations or plan an effective annual donation strategy. Charity Navigators' list of the best COVID-19 aid organizations includes Doctors Without Borders, Matthew 25: Ministries and the CDC Foundation.

You may also want to think locally. Supporting small businesses that may have lost sales due to the coronavirus pandemic is one of the best things you can do with your Black Friday dollars, and your area may also have food banks and other local aid organizations that can benefit from some extra end-of-year contributions. . Donating jars of food, old clothes, etc. is always an option – but giving money is often the better choice, as organizations such as food banks can use your dollars to buy food and other resources at lower prices.

Natural Disaster Support

In addition to the coronavirus pandemic, 2020 has seen a number of unexpected and unprecedented natural disasters. This year, forest fires covered the west coast while a derecho tore through part of the Midwest – and we had the most active hurricane season on record.

These forest fires, hurricanes and inland winds were all record-breaking in their own way – meaning that those of us who can afford to give may want to consider surpassing our previous donation records. A one-time donation to the American Red Cross can help support both COVID-19 relief and natural disaster relief, and a recurring monthly donation helps the Red Cross provide assistance in current and future crises.

Charity Navigator lists the Disaster Philanthropy Center as one of the top 10 emerging charities in a hurry, giving you good reason to add CDP to your donation list by the end of the year. If you are unfamiliar with the Center for Disaster Philanthropy, its goal is to create a world where the effects of disasters are minimized through thoughtful, fair and responsible recovery for all – and the CDP does this work by supporting medium- and long-term disaster recovery strategies that help people restore not only their property and / or their livelihood but also their mental health and well-being.

Racial Equality and Social Justice

Many took to the streets this year to protest police brutality and support the Black Lives Matter movement – and if you're looking for ways to put your money on racial balance and social justice, you can consider anything from to invest in the effect of racial justice to support black-owned companies.

You may also want to consider supporting a legitimate charity or non-profit organization founded in black. Charity Navigator has a comprehensive list of high-ranking non-profit organizations that support the black community, from criminal justice organizations such as the Equal Justice Initiative to performing arts companies such as the Alvin Ailey American Dance Theater. If you are interested in supporting social justice through civil liberties, you may want to make a end-of-year gift to the NAACP Legal Defense Fund, which for decades has helped promote racial justice through the courts, including helping to defend suffrage.

How to create your own charity strategy

19659009] If you want to create a charity strategy that extends beyond giving Tuesday and the holidays, we have a charitable guide to help you identify reputable organizations, decide where to put your money and benefit from tax-distributed investments with a donor-managed fund.

With that said, it can be much easier to create a long-term charity strategy. All you need to do is choose one or two organizations that do work that reflects your values, use your household budget to determine how much money you can afford to give, and create a recurring donation each month.

Why every month? Because even though charities benefit from – and in some cases depend on – events such as giving Tuesdays and one-time vacations in connection with the holidays, the truth is that organizations need constant monthly support as much as they need annual donations. If you can afford to give once a year, that's fine. If you can afford to give once a month, you will give the organizations you support an even greater gift by contributing to their monthly income.

Are charities deductible?

In most cases, charitable donations are tax deductible – but that does not mean you should expect to take a significant tax deduction based on your donations from Tuesday or the end of the year to a legitimate charity. If you plan to take the standard deduction for your 2020 taxes, the CARES Act allows you to deduct up to $ 300 from your charitable donations from 2020. If you specify your deductions, you will be able to deduct even more from your charitable contributions – but the odds are that your Donations will only make up a small percentage of your specified tax deductions.

What does this mean for you? This means that you should plan your charity strategy in a way that allows you to give what you can afford to give, without expecting a large tax deduction in return. People often highlight the tax benefits associated with charity giving as an additional reason to give, but the real reason to make charity donations is to support causes you value, contribute to your community and help other people have access to what they need – food , protection, good lawyer, a place to quarantine while recovering from COVID-19.

So ask yourself how you want to help other people during the holidays with a charity donation – and where your money can do the most good. [19659029] Our Editorial Policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.

Our Editorial Policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to be provided and should not be relied upon for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Our information

Haven Term is a term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual. Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified Life Insurance Policy Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance and equestrian forms may vary by state and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.

Haven Life Plus (Plus) is the marketing name of the Plus Rider, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual is responsible for the provision of the benefits and services made available under Plus Rider, which are provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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