Ronald McDonald House Charities Tampa Bay’s Post

October 10th is DAF Day! Are you looking for a way to make a charitable impact while also reducing your taxes? A Donor-Advised Fund (DAF) may be a great option! With a DAF, you can contribute cash or appreciated assets like stock or real estate and receive an immediate income tax deduction. You can then suggest grants to your favorite charities, including TMF, and make a lasting impact on the community. Plus, you can designate which charities you want to receive any remaining assets in your fund at your passing.    Want to know more about the benefits of a DAF? Check out our top 10 reasons why a Donor-Advised Fund may be right for you.   #DonorAdvisedFund #CharitableGiving #TaxBenefits #TMF

Did you know? Charitable donations don't just make a difference - they can also lower your taxable income! Learn more on how these deductions work here: https://ow.ly/iiL250Tegub 🌟💸 #CharitableGiving #TaxSavings #CommunityImpact

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

Tracking Down Donation Substantiation 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. Read more: https://lnkd.in/gVFFEQdN If you aren't sure about some of your donations, contact the office at (925) 944-1881 for answers to your questions and help to determine whether you have sufficient substantiation for the donations you hope to deduct on your 2023 return. It's also important to have the substantiation you'll need for charitable gifts you're planning this year to ensure you can enjoy the desired deductions when you file your 2024 tax return. #TaxDeductions #Donations #JGRCPA

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

It’s that time of year! You may be starting to review your tax projections to determine an ideal level of charitable giving at the end of 2024. Before you start writing checks, stop to consider the many types of assets that frequently make even better gifts to your fund at the community foundation. Our team can help you and your advisors identify the best assets for year-end giving. #CharitableGiving #GiveBack #LiveGiveLoveSJ

Did you know you can transfer assets to a charitable trust during your lifetime and receive tax benefits? The trust generates income for you, and you get an immediate tax receipt. After you pass, the remaining assets go to your chosen charity. This strategically planned gift can support your favourite causes while providing personal tax advantages. Speak to us about charitable remainder trusts and other planned giving options. Reference: Donations after death: An important tool for charitable organizations... and for you. Desjardins Financial Security Independent Network. (n.d.). https://lnkd.in/dHZwXT3K #CharityGiving #EstatePlanning #TaxSavings

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

As the holiday season approaches, we want to remind everyone about the importance of charitable giving and its tax benefits. Donations to qualified organizations must be made by December 31, 2024, to qualify for a deduction on your 2024 tax return. Remember that you can only take a deduction for charitable donations if you itemize deductions, not if you take the standard deduction. However, charities still need your help, so generosity can be its own reward! Here are some key points to keep in mind as you prepare your charitable giving: ✅Contributions must go to qualified charitable organizations. ✅Keep proper documentation for your tax records. ✅Be aware of deduction limits: generally, cash contributions up to 60% of your AGI and non-cash contributions up to 50% of your AGI. Thoughtful planning can maximize the impact of your donations while also providing tax benefits. I

QCDs lower taxes and Medicare taxes if in that age group. You can start the day after you are 70.5! I will. Estate planning “is more than a will.” Speak to your tax advisor or financial advisor today. If in the RMD space (73), QCDs should be considered. See your tax advisor!!