Charitable Giving
For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating.
It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.
Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on this year’s income tax return if you donate by December 31, itemize deductions, and comply with the tax rules. Here are a few rules to keep in mind:
Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider.
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. An appraisal may be necessary for many hard-to-value items, such as closely held business interests, real estate, art, and collectibles.
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.
Donating cash and property to your favorite charity is beneficial to the charity but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria.
