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Changes to charitable donation deductions are on the horizon

Leave a Comment / (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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The tax rules for donating artwork to charity

Capital Gains, Charitable, Charitable Contributions, Contributions, Donations, Federal Taxes, Tax Rules /

If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play in connection with such contributions. Basic rules. Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it

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Year-end giving to charity or loved ones

Charitable, Charitable Organizations, Donations, Gifts, IRA, Qualified Charitable Distribution (QCD), Year End Planning /

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must

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IRA charitable donations: An alternative to taxable required distributions

AGI (Adjustable Gross Income), Charitable, Federal Income Tax, Income Tax, IRA, Qualified Charitable Distribution (QCD), Required Minimum Distributions (RMDs), State Tax, Tax /

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will

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Valuable gifts to charity may require an appraisal

Charitable, Charitable Organizations, Contributions, Internal Revenue Service (IRS), Tax Return /

If you donate valuable items to charity, 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. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply.

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Did you give to charity in 2021? Make sure you have substantiation

(COVIDTRA) Covid Tax Relief, 2021 Tax Return, Charitable, Donations, Federal Income Tax, Gifts, Tax Deduction, Tax Return /

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements. To prove a charitable

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Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

Assets, Charitable, Deductions, IRA, Itemized Deduction, Qualified Charitable Distribution (QCD), Securities, Tax Return /

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity. Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But

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Navigating the tax landscape when donating works of art to charity

Charitable, Contributions, Deductions, Donations, Tax Deduction /

If you own a valuable piece of art or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of

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