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Charitable Contributions

Before claiming a charitable deduction for 2025, make sure you can substantiate it

Cash Contributions To Charities, Charitable Contributions, Charitable Donation Deductions, Charitable Donations, Federal Tax Deductions /

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash […]

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Changes to charitable donation deductions are on the horizon

(ATI) Adjusted Taxable Income, AGI (Adjustable Gross Income), Cash Contributions To Charities, Charitable, Charitable Contributions, Charitable Donation Deductions, Charitable Donations, Itemized Deduction, One, Big, Beautiful Bill Act /

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor Under the One Big Beautiful Bill Act (OBBBA), starting in 2026, if

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Checking off RMDs on the year-end to-do list

401K, Charitable, Charitable Contributions, Federal Taxes, Required Minimum Distributions (RMD), Retirement, Roth IRA, Traditional IRA /

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well as younger taxpayers who’ve inherited such an account, there may

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There’s still time to save 2025 taxes

401K, Charitable Contributions, Charitable Donations, Deductions, Income Tax, Individual Income Tax, Itemized Deduction, Pass Through Taxation, Stocks, Taxes 2025, Traditional IRA /

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31. Defer income and accelerate deductions Pushing income into the new year will reduce this year’s taxable income. If you’re expecting a bonus at work, for example, ask if

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Boost your tax savings by donating appreciated stock instead of cash

(LTCG) Net Long-Term Capital Gain, (NIIT) Net Investment Income Tax, Charitable Contributions, Charitable Donations, Itemized Deduction, Tax Savings /

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate

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Can I itemize deductions on my tax return?

Charitable Contributions, Itemized Deduction, Tax Return /

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the

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Senior tax-saving alert: Make charitable donations from your IRA

Charitable Contributions, IRA, Itemized Deduction, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMD) /

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending

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When do valuable gifts to charity require an appraisal?

Charitable Contributions, Charitable Donations, Deductions, Gifts, Itemized Deduction, Tax Deduction /

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

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If you gave to charity in 2023, check to see that you have substantiation

Charitable Contributions, Charitable Organizations, Federal Income Tax, Income Tax, Itemized Deduction /

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires. To prove a

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4 ideas that may help reduce your 2023 tax bill

Charitable Contributions, Federal Tax Deductions, Retirement, Small Business, Small Business Owners, Small Business Tax Tips, Stocks, Taxes 2023 /

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you

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