Cash donations up to $300 that were made to qualified charitable organizations in 2020 are now tax deductible, even if you don’t itemize your deductions. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) that was passed in March 2020 included the tax law change to help support … [Read more...]
New $300 Deduction For Cash Contributions
Qualified Charitable Distributions from IRAs
Did you know that if you are 70½ or older you can make tax-free charitable donations directly from your IRA? You can donate to qualified charitable organizations by making a qualified charitable distribution (QCD) from an IRA directly to the organization. You can exclude up to $100,000 … [Read more...]
Recorded Webinar: Charitable Year-End Considerations
Have questions about tax law changes impacting charitable contributions? Key Conversations: Tax-Smart Charitable Giving Strategies Qualified Charitable Distributions (QCDs) Donor-Advised Funds Presenters: Darrell Tierney, CFP® CPA Matt Bellomo, CPA … [Read more...]
How does the tax strategy of deduction bunching work?
Deduction bunching The strategy of deduction bunching is aimed at shifting the timing of deductible expenses by bunching them together within the same year, to surpass the standard deduction amount. The goal is to time your deductions in such a way that you can itemize every few years, while … [Read more...]
Windward Passages: Charitable Gifting
What constitutes a gift to charity? A gift to charity is simply a gratuitous transfer of property to a charitable organization. The key is that your gift must be some kind of property--your time or personal services do not count. There are several different types of property that can be donated … [Read more...]