Key takeaways

  • Establish realistic charitable goals that align with your values and with the amount you can afford to give.
  • Consider giving your time or expertise instead of — or in addition to — a financial gift to support a cause you feel passionate about.
  • Aligning your giving with significant income events — such as a large bonus or the sale of a business — can help you enhance the tax benefits of your giving while helping to fulfill your long-term charitable goals.
  • It’s hard to have a charitable strategy without an overarching financial strategy. To start creating a giving strategy, you should ideally have an overall wealth planning strategy into which you can incorporate a giving strategy.

Sixty percent of all American households participate in some level of charitable giving1 – and Americans’ generosity has only increased during the pandemic. In 2022, charitable giving surpassed $100 billion.2

Many of us feel especially generous during the holiday season, which charities refer to as the giving season. We are also often looking to reduce our taxes with charitable gifts. Here are some ways you can enhance the impact of your giving this year.

Establish charitable goals

It’s helpful to establish your charitable goals — to what causes do you want to contribute, how much do you want to give and when? Most people have more than one cause they’re passionate about — what are your priorities? Are you more concerned about making sure you support all the causes that are important to you, or can you pick one or two to make larger gifts to, which may have a bigger impact.

Consider what fuels your passions — whether that’s environmental impacts, diversity and inclusion, medical or scientific pursuits, or your local community — and find an organization that can align with your values both in the cause it supports and the way it supports that cause. You can get basic information about most tax-exempt organizations — for example, how much of your contribution goes to the cause versus how much goes to overhead and administration — on publicly available websites such as or

Evaluate the size of your gift and how it will be used. Do you want to make a gift to a large organization, or would you prefer to make a gift to a smaller organization where your gift might have a bigger impact or where you can have some input into how your money is used?

Contribute your time

Most charities welcome the contribution of time and expertise as much as, if not more than, contributions of cash. If you don’t have a tax need to make a financial contribution, or you aren’t in a position to do so this year, consider volunteering for an organization that aligns with your philanthropic interests.

Many smaller charities lack a staff of fundraisers; you can make your impact go even farther by helping to organize a fundraising event such as a walk or bike ride, a bake sale or some other idea that allows you to participate without requiring a significant cash commitment.

Time your gifts

For many people, a tax deduction is one motivator for making larger charitable donations. Even if you normally take the standard deduction, there are ways you can take advantage of tax benefits that are available if you make a large enough gift that would entitle you to a larger itemized deduction.

If you have a large taxable event — you get an unexpected bonus, or you sell stock or own a mutual fund with a large capital gain, or you sell a business — consider making a large contribution in the same year the event occurs to maximize the tax benefit.

For example, if you normally give $5,000 to charities each year, but this year you’ve sold a business and generated a large capital gain, consider opening a donor-advised fund (DAF) account and contributing $50,000 or $100,000. (If the amounts are larger you could also consider a private foundation.) The money in that account can only be given to charities.

You can think of it as a larger amount based on the gain — but in a way that will allow you to deduct the entire amount this year (subject to tax law limitations) and still take the standard deduction in future years. And going back to the charitable strategy, having a large amount of money in an account that can only be used for charity gives you the time and ability to think about how you want to distribute that money.

Have a strategy

Perhaps we should have started with this, but having a giving strategy without a broader financial strategy for yourself is a little like having dessert without eating a meal — it’s delicious, but it won’t sustain you long term. A well-structured financial strategy can be your blueprint into which you can incorporate your strategic charitable planning — it can help you determine how much you can afford to give without risking your other important financial goals.

Your financial and your charitable strategies can work hand-in-hand. Working with a financial advisor to create a financial strategy, and with your legal or tax advisor on the impact of your charitable strategy, can be the first step to making a bigger impact than you thought possible.

This giving season, give yourself the gift of a wealth management strategy.



 Donor Box, “Nonprofit Statistics 2023.” (June 11, 2023).


 Donor Box, “Nonprofit Statistics 2023.” (June 11, 2023).

Round table meeting

Connect with a Wealth Advisor

Our Wealth Advisors begin by getting to know you personally. To get started, tell us about your needs and we’ll reach out to you.

Connect now


This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal Entity and Regulatory Information.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

This document may provide information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). The agreements entered into with JPMS, and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

J.P. Morgan may hold a position for itself or our other clients which may not be consistent with the information, opinions, estimates, investment strategies or views expressed in this document. JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.