For most of our clients, taxes are not the most enjoyable subject to think or read about – with perhaps one exception: taxes and philanthropy. In fact, we find it is difficult not to be excited about the opportunity to both reduce taxes and make a positive impact.
Here are some ideas to consider as we approach year end and embrace the joy of giving.
Important note: The above example is for illustration purposes only. Please consult a tax advisor to understand the implications of this strategy based on your particular situation.
*Assumes donor’s AGI exceeds $150,000 and therefore that the charitable deduction for the donation does not exceed 30% of the donor’s AGI.
Important note: The above example is for illustration purposes only. Please consult a tax advisor to understand the implications of this strategy based on your particular situation.
*Please note that limits on itemized deductions exist for high-income taxpayers. Please consult your tax advisor for more details.
A Year-End Plan for You
The above techniques, and other tax planning strategies, require careful, skilled consideration. Please reach out to us, and we can coordinate a custom, year-end plan with your accountant, tax attorney and any other advisors.
[i] A qualified 501(c)(3) organization (a charitable organization eligible to receive tax-deductible contributions).
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