Exploring Tax Benefits of Charitable Giving

Key Takeaways:

1. Itemized Deductions and Charitable Contributions: Learn how combining mortgage interest, property taxes, and charitable contributions can help you exceed the standard deduction limit and reduce taxable income.
2. Donor-Advised Funds: Understand the benefits of contributing appreciated stock or property to donor-advised funds to receive a charitable deduction and avoid capital gains taxes.
3. Charitable Remainder Trusts: Discover the advantages of placing high-value assets in a charitable remainder trust to receive income during your lifetime and reduce estate taxes.
4. Non-Cash Donations: Gain insight into the tax benefits of donating clothing and household goods to organizations like the Salvation Army or Goodwill.
5. Strategic Planning: Emphasize the importance of starting your charitable giving strategy early in the year to make the process more manageable and effective.

 

Chapters:

Timestamp Summary

0:00 Philanthropy and Tax Benefits: Giving Back While Gaining

1:35 Maximizing Tax Benefits Through Charitable Contributions and Deductions

5:27 Maximizing Charitable Contributions Through Donor Advised Funds

8:24 Charitable Remainder Trusts for Estate Planning and Income Generation
12:32 Accelerate Your Giving Before Year-End

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.