Xpert Tax Service’s Post

"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

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

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

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

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.

Did you know that donating to a qualified charity can help reduce your taxable income? If you itemize deductions, charitable donations can be a powerful tax-saving tool. For those over 70½ with a traditional IRA, making a Qualified Charitable Distribution (QCD) of up to $100,000 directly to a charity can help lower your tax bill even further! It counts toward your Required Minimum Distribution (RMD) and won’t be taxed as income. Giving back while saving on taxes—it's a win-win!

I did have one follow up question for you. Are you familiar with New Pathways for Youth?    They are an amazing local non-profit that helps kids who have had significant adverse childhood experiences by pairing them with a mentor. They qualify for the Arizona tax credit and I am helping them raise more through that incredible state program.   Allen introduced me to the organization. He is a mentor and a board member.   The easiest way to explain the tax credit program is that it is a dollar-for-dollar donation given to the charity of your choosing. Why not pick one that you know, right?   As a qualified charitable organization, your donation to New Pathways for Youth qualifies for an Arizona state tax credit. You can donate up to $470 per individual or $938 per couple and receive a dollar-for-dollar return on your state taxes.   Give to New Pathways⁠ (https://lnkd.in/gvqvEki6) If you know of anyone else that could help me raise 100K for these kids thru FREE AZ state tax credits, please let me know!!!

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.

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

Have appreciated stocks in your portfolio? Consider donating them to charity instead of selling. 📈❤️ ✨ Benefits of Donating Stocks: Tax Savings: Deduct the fair market value if held for over a year. No Capital Gains Tax: Tax-exempt charities avoid capital gains tax on sales. 🚨 Important Tax Rules: Check IRS Publication 526 for charitable donations. Ensure the charity has non-profit status. Record donations on Schedule A with your 1040. 📜 For Donations Over $250: Charity must provide a written statement of the donation's value. For non-cash contributions over $500, attach Form 8283 to your 1040. Donations exceeding $5,000 require a qualified appraiser's letter.