Tag: charitable

  • CARES ACT Changes Retirement Plan and Charitable Contribution Rules

    CARES ACT Changes Retirement Plan and Charitable Contribution Rules

    As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,…

  • Can You Deduct Charitable Gifts on Your Tax Return?

    Can You Deduct Charitable Gifts on Your Tax Return?

    Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are…

  • You Still Have Time to Get Substantiation for 2018 Donations

    You Still Have Time to Get Substantiation for 2018 Donations

    If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic requirements…

  • Donate Appreciated Stock for Twice the Tax Benefits

    Donate Appreciated Stock for Twice the Tax Benefits

    A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? Two benefits from one gift Appreciated publicly traded…

  • Ins and Outs of Tax Deductions for Donating Artwork to Charity

    Ins and Outs of Tax Deductions for Donating Artwork to Charity

    If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit…

  • What You Can Deduct When Volunteering

    What You Can Deduct When Volunteering

    Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible. It doesn’t matter if it’s simple…

  • Size of Charitable Deductions Depends on Many Factors

    Size of Charitable Deductions Depends on Many Factors

    Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash You may…