charitable contributions Archives

Use a Qualified Charitable Distribution to avoid taxable IRA withdrawals

Jul 11, 2024 | Individuals

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

When do valuable gifts to charity require an appraisal?

May 23, 2024 | Individuals

If you donate valuable assets to charity and don’t follow certain requirements, the charitable tax deduction may be denied. Here are some answers to questions about how to protect your deductions.

If you have charitable contributions, make sure you have substantiation

Feb 8, 2024 | Individuals

Did you make a charitable gift last year and are hoping for a tax break when you file your return? Here are the donation rules to secure a deduction.

4 ideas that may help reduce your 2023 tax bill

Dec 14, 2023 | Individuals

Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.

2021 individual income tax limits

Mar 1, 2021 | Individuals

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s...

CARES ACT changes retirement plan and charitable contribution rules

Apr 8, 2020 | Individuals

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...

Volunteering for charity: Do you get a tax break?

Mar 9, 2020 | Individuals

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property...

Answers to your questions about 2020 individual tax limits

Feb 3, 2020 | Individuals

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with...

How to convince donors to remove “restricted” from their gifts

Sep 9, 2019 | Nonprofits

Restricted gifts — or donations with conditions attached — can be difficult for not-for-profits to manage. Unlike unrestricted gifts, these donations can’t be poured into your general operating fund and be used where they’re most needed. Instead, restricted gifts...

There’s still time to get substantiation for 2018 donations

Feb 4, 2019 | Individuals

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...

charitable contributions