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"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

Did you support a charity last year? If your contribution was $250 or more, it's important to have a written acknowledgment from the organization to claim it on your taxes. For donations under $250, a simple bank or card statement should suffice. Just remember, if you received any gifts in return, you'll need to adjust your deduction accordingly. If you need assistance or have questions about making your charitable contributions count, our team at https://lnkd.in/exZUUn5Q is here to help. #CharitableGiving #TaxDeductionTips #FinancialPlanning #TaxPreparation #SmartDonations #PremiereTeam

As tax season approaches, many people begin thinking about their tax deductions. One important deduction to remember is charitable donations. You may be surprised to find out that you have likely made more charitable donations than you realize. Often, we forget about the small donations we make throughout the year, such as the coins we drop into donation boxes or the change we round up when we make purchases. While these donations may seem insignificant individually, they can add up over time. By neglecting to claim these donations on your taxes, you are missing out on potential tax savings. Next tax season, take a moment to review your charitable giving throughout the year. You may be surprised at how much you have actually donated. Be sure to keep track of your donations so that you can claim them on your taxes. This way, you will be able to reap the tax benefits of your generosity and help support the causes that are important to you. #deductions #writeoffs #taxexemptions #taxcredits #taxseason #charity #donations #taxsavings #taxbenefits #taxdeductions

Wondering if you can still claim deductions for your 2023 donations if you haven't received acknowledgment letters from charities yet? Here's what you need to know: 1. To qualify for a charitable deduction, you usually need written acknowledgment from the charity. 2. “Contemporaneous" means you should get this before your tax return filing date or the extended due date. 3. If you haven't received it for 2023 donations, contact the charity and request it. Remember, the special tax provision for nonitemizers in 2020 and 2021 isn't available for subsequent years. So, you'll need to itemize deductions if you want to deduct charitable gifts in 2023. Questions or need help with substantiation? Reach out to us! #slakcpa #saleemlakhanicpa #CharitableDeductions #TaxTips #Donations2023

Tiffany Ritchie, CFP, HDP of Morris Financial Concepts, shares another tip in this charitable deduction series. This time she shares how donor-advised funds allow for upfront tax deductions while enabling charitable contributions to be spread over years. This video explains the strategy of front loading donations to leverage tax advantages, including a higher standard deduction. Learn how your contributions can grow and potentially increase the amount given to charities, all while optimizing tax benefits. #Charity #FinancialPlanning #TaxBenefits #GivingStrategy #CharitableDeductions #PhilanthropicImpact Learn more about how Morris Financial Concepts can help you plan your giving at https://buff.ly/3TlTBRS

Wondering if you can still claim deductions for your 2023 donations if you haven't received acknowledgment letters from charities yet? Here's what you need to know: 1. To qualify for a charitable deduction, you usually need written acknowledgment from the charity. 2. “Contemporaneous" means you should get this before your tax return filing date or the extended due date. 3. If you haven't received it for 2023 donations, contact the charity and request it. Remember, the special tax provision for nonitemizers in 2020 and 2021 isn't available for subsequent years. So, you'll need to itemize deductions if you want to deduct charitable gifts in 2023. Questions or need help with substantiation? Reach out to us! #slakcpa #saleemlakhanicpa #CharitableDeductions #TaxTips #Donations2023

Do My Charitable Donations Qualify for a Tax Deduction? Charitable contributions donated directly to a qualified charity or a donor-advised fund can help you get a federal tax deduction. Keep in mind, however, that this is often beneficial only if you’re itemizing. For those older than 70½, a qualified charitable distribution (QCD) may be a viable option. In addition, 2023 is the first year QCD distributions (up to certain limits) are allowed to be gifted to charitable remainder trusts or charitable gift annuities, which could provide you with a right to income. #visionwealthpartners #financialplanning #charitablecontributions #yearend #yearendtips

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.

Donate to qualified charities and reduce your taxable income by up to 60% of your adjusted gross income (AGI). Here's How? ✅Deductions on Income Tax: Donations to qualified charities can be deducted from your taxable income, reducing the amount of income subject to taxation. ✅Cash donations: These are the most common type of charitable donation. You can deduct the full amount of your cash donation, up to 60% of your AGI. ✅In-kind goods: You can also donate in-kind goods, such as clothing, furniture, or household items, to charity. However, it's limited to the fair market value of the items donated. ✅Qualified charitable distributions (QCDs): If you are age 70 ½ or older, you can make a QCD from your IRA directly to a qualified charity. This will not count as an income distribution to you, and it will qualify for the same charitable deduction as a cash donation. Have you made any charitable donations yet? #charity #donations #taxesusa #newyork #irstaxes #taxfully #smallbusinesscharities

Did you know individuals who are 70½ years old or older can donate to a charity directly from a taxable IRA instead of taking their required minimum distributions? In many cases, these gifts, also known as Qualified Charitable Distributions (QCDs), are 100% tax-free and can potentially impact your 2024 taxes. And, if you’re ready to make an impact, you make your gift in just a few minutes. Learn more here: https://bit.ly/3FSarzU --- #parkinsons #parkinsonsawareness #parkinsonsdisease #QCD #waystogive #donate