Charitable Giving Tax Strategies

You love making a difference in the world by supporting good causes… And saving a little bit on your taxes is a nice kickback when you do.

Giving Tuesday and the holiday season are just a few great opportunities to set aside charitable donations which translate to deductions you can take at filing time.

While changes under tax law have made it harder to deduct charitable gifts through standard year-by-year giving, strategies like bunching multiple years of donations into a single year-often using a Donor-Advised Fund-allow you to cross the higher deduction thresholds and still maximize your tax savings.

And, ultimately, giving to charity is a great way to connect with your community, build your network, and boost company culture.

Some charitable giving strategies we can help you implement to reduce your tax burden include…

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Donating stocks, bonds, or other appreciated securities

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Making a qualified charitable donation (QCD) from an IRA

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Bunching your charitable gifts into one tax year

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Using a donor-advised fund

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Giving through your will, trust, or retirement plan

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Setting up a charitable remainder trust or charitable lead trust

End of year is, understandably, the most popular time to give. However, charitable giving strategies such as these can maximize your tax savings and the impact of your gifts all year round. When it comes to charitable donations, both the method and timing are important.

Ask to speak with one of our tax specialists to make a plan for your charitable contributions.

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