Giving Tuesday 2018

By: Robert Grosshandler | November 27, 2018

For about 11 months of the year, iConsumer is all about you.  How you can save money when you shop, how you can earn rebates, and how you can learn to be a better investor, especially in a public startup.  We ask you to share the story of iConsumer, so that more people can have the same experience you’re having, and so that we can make the company we all own together massive.

Creating and building great companies does wonders for our economy in so many ways.  But for about thirty days a year, it’s traditional (and we like this tradition) to focus even more intently than normal on what we can do for those around us.

#GivingTuesday is one of those efforts.  Here’s an article from the NYTimes called “No Act is Too Small” that does a great job about talking about it.

Charitable Donation of Your iConsumer Stock

You can donate your iConsumer stock if you’re so inclined.  While I’m not a tax professional, my understanding is that (for Americans) you get a charitable deduction equal to either your cost basis in your stock, or the market value of the stock.  Either is great.  Your cost basis is what you paid, if you bought it, or what it was valued at, when you earned it.  You can see that second number on your iConsumer dashboard at any time.

It’s pretty easy to do.  If your stock is in a brokerage account, there’s probably one form to fill out that your favorite charity will provide.  If your stock has been issued and transferred to Issuer Direct, probably one form, and a fee.  If your stock hasn’t been issued and transferred to Issuer Direct, you’ll need to do that step.  More on that here.

Not every charity is set up to accept stock donations.  I expect it’ll need to be a larger group that’s prepared to handle such a thing.  When I talked to the executive director for a foundation I care about, she was quite used to handling stock donations.  That particular group would sell the stock the moment they got it.

You read about the Mark Zuckerbergs and Jeff Bezos’ of the world giving away their stock.  I’m sure they have multiple motivations (doing good and saving on their taxes being among them).  Now that you’re a capitalist, you can do that too.

It comes back to you

In this time of celebration, all of us here at iConsumer would like to celebrate you again.  Thanks for being a part of creating something different and exciting.  A company owned by the people who build it.  Where shopping and learning together makes a difference in your life, in our lives, and in the lives of those around us.