Giving Compass' Take:

· Whether you benefit from a tax break or not, Ross Levin at Star Tribune explains how you can strive for a higher meaning in your philanthropy and charitable giving.

· The author discusses how generosity and being charitable are different. How do you view your giving?

· Here's how to make the most out of your giving this year. 

I am a strong believer in philanthropy. Deciding to give a percentage of income to charity, even as we walk through life’s changes and disruptions — starting businesses, building careers, having children, educating them — is a commitment to hold to our charitable objectives.

But being charitable and being generous may be two different things.

The financial benefits of charity are directed to those who can most afford to give. This is especially true with the new tax laws. Charitable gifts are deductions from your taxes, but only if you itemize. The increased standard deduction means fewer people are going to itemize their deductions. Those who itemize will most likely maximize their property and state income tax deductions at $10,000, and have a fair amount of mortgage interest and significant medical deductions. For married couples under age 65, the standard deduction is $24,000. So your charitable contributions are not really deductible until your itemized deductions are over $24,000!

People who make more money are more likely to itemize because they often easily fill up the property tax and state income tax bucket and tend to have larger mortgages. Even if they give a small percentage of their income to charity, this will push them over the standard deduction. Worst case, they can bunch their charity so they can itemize every other year.

Read the full article about making philanthropy meaningful by Ross Levin at Star Tribune.