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Tag Archives: Charity

Five Tips for Non-Cash Charitable Contributions

Five Tips for Non-Cash Charitable Contributions One way to protect the value of your charitable donation deduction is keeping good records. Here are five tips to help ensure your deductions are iron clad. The IRS is quick to disqualify your non-cash charitable contributions if you do not have adequate records to support your donation. Here are five quick tips to ensure this does not happen to you. Get a receipt. …Read More

Consider Donating Appreciated Stock & Mutual Funds

Consider Donating Appreciated Stock & Mutual Funds In some rare cases, making a tax savings move can benefit you in more than one way. This is the case with direct contribution of qualified investments, such as stock, owned more than one year that have appreciated in value. One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a …Read More

Research Your Preferred Charities

Often during an audit, what you thought was a qualified deduction to a charitable organization is ruled non-deductable. How can this happen? Here are some hints to make sure your charitable contributions are put to good use, both at the charity and on your tax return. November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American …Read More

Document those Non-cash Charitable Donations! – Tips to ensure their deductibility

Too often taxpayers lose out on the opportunity to reduce their income by the value of their donations. Here are some tips to make sure this does not happen to you. One often over-looked way to reduce your tax obligation is to donate gently used items to a favorite charity. Too often this is done without the necessary forethought to ensure you can deduct the value of these donations on …Read More

Should you Reduce Your Charitable Giving? – New itemized deduction phase-out causing concern

With the re-introduction of itemized deduction phase-out, does it still make sense to contribute to charities? For most taxpayers, the answer is a resounding yes. Continue to make charitable contributions. Here is what you need to know. In 2013 federal tax legislation reintroduces the phase-out of itemized deductions for certain taxpayers. Because of this, many who are subject to itemized deduction phase-outs wonder if the benefit of charitable giving is …Read More

Hot! 2012 Charitable Contributions from Retirement Accounts – You have until the end of January, 2013 to act

When the recent tax legislation was passed one of the provisions that retroactively goes back to 2012 had no window of opportunity to take advantage of the tax break. The signed legislation provides a small window to make an adjustment to your 2012 charitable contributions if you are over 70 1/2 years old. This is what you need to know. Looking for a way to reduce your 2012 income?  Those …Read More