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Have you formalized your charitable giving strategy?

Have you formalized your charitable giving strategy?

The end of the year is nearly here, which means the season of giving is upon us. Have you determined your charitable giving strategy for 2022? Being intentional in your giving benefits your charities of choice and may help manage your taxable income.  Get started To make the most of your giving strategy, first, you must determine who will be the recipient(s) of your donations. The Internal Revenue Service (IRS) only gives charitable giving tax exemptions for donations made to non-profit 501(c)(3) charities or private foundations. So before signing anything over, make sure your desired organization qualifies.1 You can only take a charitable giving tax deduction if you choose to itemize your deductions. You cannot use charitable contributions if you plan on taking the standard deduction ($12,950 or $25,900 for joint filers.). Every family’s situation is unique, so make sure to consult with a tax or accounting professional before adjusting or committing to a new charitable giving strategy. Tax rules are constantly changing, and there is a possibility that giving strategies may need to be adjusted as laws change. Don’t forget If you wish to donate a substantial amount to charity, keep in mind that the IRS limits how much

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5 tips for tax-smart charitable giving in 2018

U.S. tax law has changed since you filed your federal taxes for 2017; the Tax Cuts and Jobs Act takes effect for 2018 tax filings. Since charitable giving is one of the few deductions that wasn’t eliminated or capped, donations to registered nonprofits are one of the best ways to reduce tax payments for taxpayers who itemize. If charitable giving plays a role in your tax filing, here are five things you should keep in mind for tax-smart strategic giving and your 2018 taxes. 1. Start planning now If you plan to claim charitable donations on your 2018 taxes, it’s a good idea to start talking to your financial advisor now so you have time to make informed decisions. If you received a windfall or more taxable income than you expected this year, charitable giving can be especially important to help offset the corresponding increase in taxes. This could apply if, for example, you got a big bonus this year, if you sold a business, or if the assets in your portfolio greatly increased in value in 2018.   2. Evaluate your options for HOW to give You may already know which charities you want to support, but from a

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