BabyBoomer.org’s Post

💡 Tax-Smart Giving: RMDs Meet Charity 🎁 70½ or older? Here's a game-changer: Qualified Charitable Distributions (QCDs) let you: ✅ Satisfy your Required Minimum Distribution (RMD) ✅ Support your favorite causes ✅ Potentially lower your tax bill 🔢 By the numbers: Donate up to $105,000 annually Directly from your IRA To qualified charities 🏆 Win-win: Meet IRS distribution rules while making a difference!

Did you know about Qualified Charitable Distributions (QCD)? If you have a traditional IRA, here's something to consider: A QCD is a distribution made directly from your IRA to a qualifying charity. The best part? It's non-taxable! Plus, you can't claim it as a charitable deduction. It's a win-win for lowering your taxable income while giving back.

"Give Back and Get Back - Charitable Contributions Tax Guide!" When donating to charity, ensure the organization is qualified by the IRS to make your contributions tax-deductible. Always obtain a receipt for your donation, detailing the date, amount, and organization. For non-cash donations, keep a list of the items and their condition. Remember, itemized deductions for charitable contributions can only be claimed if you don't take the standard deduction, so it's important to calculate which method saves you more on taxes. FOLLOW US FOR MORE @xperttaxservice VISIT OUR WEBSITE www.xperttaxservice.com #CharitableContributions #TaxGuide #IRS #TaxDeductible #TaxSavings #XpertTaxService

Did you know that supporting Ronald McDonald House Charities of Tampa Bay (RMH) not only makes a huge difference in our community, but it also comes with tax benefits? Here's how: 💰 Make a Donation: Give cash online or by mail and receive a charitable deduction to reduce your federal income taxes. 📈 Give Stock: Donate appreciated stock or securities to RMH to lower your taxes while keeping families close. 🏦 Transfer from your IRA: If you're 70 ½ or older, consider a Qualified Charitable Distribution from your IRA - no taxes paid, and it counts towards your required minimum distribution. 💡 Recommend a Grant: Use your donor-advised fund to support RMH, ensuring families have a home-away-from-home while maximizing your impact with tax-free funds. Contact us to learn more. Together, let's make a difference! 💖 #RMHCTampaBay #SupportFamilies #TaxSavings

PLAN FOR CHARITABLE GIFTS: • Make charitable gifts before the end of the year if itemizing deductions. • If age 70 ½ or older, consider a qualified charitable distribution (QCD) from your IRA. • Document donations as required for tax purposes. #yearendreview #charitablegiving #QCD

Many donors write checks or use a credit card when gifting to nonprofit organizations. But did you know that donating with long-term appreciated assets (stocks, bonds, real estate, etc.) helps you avoid capital gains taxes and receive a charitable gift deduction? SCCF can help guide you with information like this to help you make the best decisions for you and your family. Contact us at 864.949.5800 or Admin@SCChristianFoundation.org to start your stewardship journey. #disciplinghearts #definingstewardship

Did you know? If you were age 70.5 or older, and you made donations last year DIRECTLY from your IRA to a charity (known as a Qualified Charitable Distribution), the 1099-R you’ll receive from your investment custodian won’t designate them as QCDs. The 1099-R will show them as normal distributions, and so there’s a danger that you’ll be taxed on them, despite the fact they were charitable contributions. Therefore, MAKE SURE you tell your tax preparer about the QCDs. If you don’t, you’ll pay tax on the amount withdrawn for that purpose, which wipes out the benefit of donating in the form of a QCD.

Tax time has its silver linings! Going over a tax return with a client helps start a productive conversation about ways to plan gifts to charity more effectively. As you scan 2023’s charitable contributions, talk with the client about whether those charitable gifts were made with cash or with other assets and then steer the conversation toward discussing the most effective assets to give to charity during 2024 and beyond. READ MORE HERE: https://lnkd.in/e_tX-UeR

Use these 5 tax-smart tips for charitable donations! Maximize the impact of your generosity while staying savvy with deductions. Learn how to make your contributions count this season and beyond. #CharitableGiving #TaxTips

Did you know? If you were age 70.5 or older, and you made donations last year DIRECTLY from your IRA to a charity (known as a Qualified Charitable Distribution), the 1099-R you’ll receive from your investment custodian won’t designate them as QCDs. The 1099-R will show them as normal distributions, and so there’s a danger that you’ll be taxed on them, despite the fact they were charitable contributions. Therefore, MAKE SURE you tell your tax preparer about the QCDs. If you don’t, you’ll pay tax on the amount withdrawn for that purpose, which wipes out the benefit of donating in the form of a QCD.