• Five Tips for Non-Cash Charitable Contributions

    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. Whenever you donate items of value please get a receipt from the charitable organization. It should include the name of the organization, the date of the gift, a general description

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  • Consider Donating Appreciated Stock & Mutual Funds

    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 check. This part of the tax code provides a tax benefit to you in two ways: Higher deduction. Your charitable gift deduction is the higher Fair Market Value of the

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  • Research Your Preferred Charities

    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 Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others are less known. Here are some tips on how to research these organizations prior

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

    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 your tax return. Here are some tips to ensure you can receive this tax benefit. Good or Better Condition. Remember only items donated that are in good or better condition

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

    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 reduced. Here is what you need to know. Most taxpayers are not impacted. The phase-out of itemized deductions for 2013 is based on Adjusted Gross Income (AGI) in excess of

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

    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 who are older than 70 1/2 have an opportunity to make charitable contributions from their qualified individual retirement accounts and have it excluded from 2012 income.  Here is what you

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