Virginia Beach Promotes Charitable Giving This Holiday Season

As the holiday season approaches, individuals and businesses are encouraged to maximize their giving while considering tax implications. Holiday gifts to clients and employees can qualify as a de minimis fringe benefit if their value stays under $100, allowing for potential tax deductions, while cash gifts are generally taxable. Financial expert Mark Henry emphasizes the importance of strategic charitable giving, recommending donations through IRAs and advising donors to research organizations to ensure their contributions are impactful. Community organizations like KinVillage and Deltassist highlight local opportunities for support, aiming to enhance the lives of seniors and families in need. Additionally, Virginia Beach is mobilizing efforts to combat homelessness through initiatives such as volunteering and providing essential winter clothing donations. Overall, the season of giving presents both opportunities for generosity and the need for informed decision-making.