5 Easy Tips to Simplify Your Year End Charitable Giving

Are you planning on making charitable donations before the end of the year?  The IRS reminds us that you must itemize deductions on your tax return to claim a deduction for these gifts.  In addition, the following five tips can help make those year-end charitable gifts count. Tip #1 – Give to a Qualified Charity.  Only gifts to a “qualified charity” are deductible on your income tax return.   The IRS offers a handy website, the Select Check tool, to determine whether your favorite organizations are qualified.  You can also deduct donations made to churches, synagogues, temples, mosques, and government agencies even if [...]

By |2021-09-21T19:32:16+00:00December 7th, 2015|Categories: Estate Planning|Tags: , , |0 Comments

Don’t Miss Out on These Year-End Tax Planning Strategies

Now is the ideal time to start year-end tax planning.  Below you will find a variety of tax-saving strategies you should consider using immediately so that you can get your 2015 tax house in order well in advance of the fast-approaching holiday season. Plan Now for a Bountiful Fall Harvest The last thing you want to worry about during the holiday season is tax planning.  Now is the perfect time to discuss the following tax-saving opportunities with your financial team so that you can implement them in the next few weeks: Check your portfolio to determine which dud stocks can [...]

By |2021-09-21T19:45:40+00:00October 5th, 2015|Categories: Estate Planning|Tags: , , , , |0 Comments

Year End Estate Planning Tip #5 – Make Gifts That Your Family Will Love but the IRS Won’t Tax

Don’t let the chaos of the holiday season prevent you from avoiding federal gift tax by making “annual exclusion” gifts, medical payments gifts, and educational gifts. Make Annual Exclusion Gifts “Annual exclusion” gifts are transfers of money or property in an amount that does not exceed the annual gift tax exclusion. In 2014, the annual gift tax exclusion is $14,000 per recipient, and it will remain at $14,000 per person in 2015.  Therefore, you can give up to $14,000 to as many individuals you choose on or before December 31, 2014, and then give another $14,000 to the same people [...]

By |2021-09-21T19:46:56+00:00November 3rd, 2014|Categories: Estate Planning|Tags: , |0 Comments
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