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Stocks are performing well this year, so consider donating to charities or non-profits you support before year’s end. Donate appreciated securities. If you’re 70 1/2 or older, use the Qualified Charitable Distribution (QCD). You can give up to $100,000. Create a Donor-Advised Fund (DAF). Establish a Charitable Remainder Trust (CRT). The annual gift tax exclusion is $17,000. You won’t receive a tax deduction but can reduce your estate through gift-giving to friends or family. Don’t wait until you die to bless others. #giving

Stocks are performing well this year, so consider donating to charities or non-profits you support before year’s end. Donate appreciated securities. If you’re 70 1/2 or older, use the Qualified Charitable Distribution (QCD). You can give up to $100,000. Create a Donor-Advised Fund (DAF). Establish a Charitable Remainder Trust (CRT). The annual gift tax exclusion is $17,000. You won’t receive a tax deduction but can reduce your estate through gift-giving to friends or family. Don’t wait until you die to bless others. #giving

"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 Xpert Tax Service LLC VISIT OUR WEBSITE www.xperttaxservice.com #TaxGuide #IRSQualified #XpertTaxService #NonCashDonations #TaxDeductible

Those who wish to make donations should use the Tax-Exempt Organization Search (TEOS) tool on IRS.gov to help find or verify qualified, legitimate charities. https://lnkd.in/gYQhbsPh Taxpayers who give money or goods to a charity can claim a deduction if they itemize deductions, but these donations only count if they go to a qualified tax-exempt organization recognized by the IRS.

Tax Tip Tuesday! Beware of fake charities; check before donating. Most taxpayers are looking for ways to give to charitable organizations to take advantage of deductions; as you do, beware of fake ones out there. Donations to an organization that is not 501 (c) (3) are not deductible.

Did you know? As a Short-Term Rental owner, you can deduct the fair market value of non-cash charitable contributions, such as donating old furniture or appliances from your properties. This often overlooked deduction can lower your taxable income. Make sure to obtain a receipt from the charity and keep a detailed record of the item's condition and value at the time of donation. Consult with a tax advisor to ensure you're maximizing these deductions correctly!

Qualified Charitable Distributions Year-End Planning Tip: Don't forget that individuals aged 70 or older can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions (QCDs), allow eligible older Americans to easily donate to charity before the end of the year. QCDs also count toward the required minimum distribution (RMD) for individuals aged 73 or older. 

Reduce Taxes with Charitable Giving by Joe Allaria Are you tired of donating cash to charities and missing out on potential tax savings? In this episode of the Retirement Power Hour, Joe Allaria, CFP®, provides four different ways, including Gifting Appreciated Shares, Qualified Charitable Distributions (QCDs), Bunching Donations Into One Year, and Mega-Bunching with Donor Advised Funds, that you can use to reduce […] #boomers #babyboomers

"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

A donor advised fund (or DAF) might be a great solution for you. You can use a DAF to distribute gifts to numerous charities. With a DAF, you can make gifts to charity during your lifetime, and when you pass away, your children can carry on your legacy of giving. Benefits with your donor advised fund -Establish a flexible vehicle for annual charitable giving -Benefit from a more tax and cost efficient alternative to a private foundation -Obtain a charitable income tax deduction in the year of your gift https://lnkd.in/gniyNYxZ