Celia Byatt’s Post

Want to understand more about charitable tax deductions pre-30 June? This article from Noel Whittaker is a great explainer. Charitable giving should primarily be about the impact you create, not tax deductions. But if you want to do both - minimise tax and maximise giving - then this is worth a read. Feel free to contact me if you can’t get past the SMH paywall and want to understand more about it all works. #philanthropy StartGiving Australian Philanthropic Services

Are you making charitable donations this year? Consider a “bunching” strategy. To take advantage of this strategy, you contribute multiple years’ worth of your charitable giving in one year to surpass the itemization deduction threshold. In off-years, you could take the standard deduction. This approach can result in significant tax savings. #charitabledonations #charitablegiving #standarddeduction #financialstrategy #taxsavings #donations

What future charitable tax deductions can you bring forward before 30 June? Noel Whittaker shares how he grows his giving fund in the Australian Philanthropic Services Foundation while continuing to donate to charities and achieve tax free investment returns.     Find out how you can benefit from tax deductions now and boost your tax savings, with the flexibility to fund charities over time. Giving funds can be established in just 1 day. Key benefits include: - Immediate tax deduction for contributions. - Flexibility to distribute funds to charities over time. - Ability to carry forward unused tax deductions for up to five years. - Tax-free investment returns on your charitable fund to grow the amount you can give to the community.   https://lnkd.in/g_Kdxh2R    #taxdeductions #givingfund

Planning to claim deductions for donating valuable items to charity on your tax return? Don't forget, you might need an appraisal! The IRS has guidelines for donors and charities to substantiate charitable contributions for tax deductions. Stay informed and ensure your contributions are properly documented! #TaxTips #CharityDonations #IRSRequirements #AlegriaAdvisors

October 10th is DAF Day! Are you looking for a way to make a charitable impact while also reducing your taxes? A Donor-Advised Fund (DAF) may be a great option! With a DAF, you can contribute cash or appreciated assets like stock or real estate and receive an immediate income tax deduction. You can then suggest grants to your favorite charities, including TMF, and make a lasting impact on the community. Plus, you can designate which charities you want to receive any remaining assets in your fund at your passing.    Want to know more about the benefits of a DAF? Check out our top 10 reasons why a Donor-Advised Fund may be right for you.   #DonorAdvisedFund #CharitableGiving #TaxBenefits #TMF

Charitable giving is one of the most powerful levers we have to tackle some of the world’s most pressing social and economic issues. We want to help you give easily, with the best advice. That’s why SJP have joined with the Charities Aid Foundation (CAF). CAF allows you to set aside money in a tax-efficient manner, for gifts to charitable causes, now and in the future.   Find out more here. https://lnkd.in/eYXrggbu #CharitableGiving #FinancialPlanning

The more involved I get in the world of Donor Advised Funds (DAFs), the more I realize how they have come to be such a popular vehicle for charitable giving. Today, I want to do a quick post about maximizing your charitable impact and tax savings with DAFs (as everyone is of course talking about taxes this month): To refresh your memory, a DAF is a philanthropic vehicle administered by a public charity. It allows you to make a charitable donation, receive an immediate tax deduction, and then recommend grants from the fund over time. 🔹 Tax-Saving Tips with DAFs: Immediate Tax Deduction: Receive a full tax deduction in the year you contribute to your DAF. This is particularly beneficial if you have a high-income year and need a substantial deduction. No Capital Gains Tax: Contribute long-term appreciated assets like stocks or bonds to avoid paying capital gains tax on the sale of these assets. Simplify Your Giving: Consolidate all your charitable donations through a DAF for simplified tracking and reporting, making tax time less stressful (for you and your accountant). Flexible Timing: You can donate now and decide later which charities to support, allowing you to respond to urgent needs as they arise. 🔹 Why Choose a DAF? Using a DAF not only streamlines your charitable giving, but it also maximizes the impact of your donations. By reducing your tax burden, you can afford to give more to the causes you care about deeply. If you are a donor looking to boost your charitable giving strategy, or a financial/wealth advisor looking to assist your clients with their philanthropic giving, consider www.mycharityfund.ca to set up a DAF and grow your philanthropic giving. 💬 Feel free to contact me if you have any questions or need guidance on starting your DAF! #Charity #DonorAdvisedFunds #TaxSavings #Philanthropy #FinancialPlanning

Did you know? If you were age 70.5 or older, and you made donations last year DIRECTLY from your IRA to a charity (known as a Qualified Charitable Distribution), the 1099-R you’ll receive from your investment custodian won’t designate them as QCDs. The 1099-R will show them as normal distributions, and so there’s a danger that you’ll be taxed on them, despite the fact they were charitable contributions. Therefore, MAKE SURE you tell your tax preparer about the QCDs. If you don’t, you’ll pay tax on the amount withdrawn for that purpose, which wipes out the benefit of donating in the form of a QCD.

Charitable giving is not only a way to support causes you care about but also an opportunity for tax savings. This week, we'll explore tax-efficient charitable giving strategies. ✳️Qualified Charitable Distributions (QCDs): If you're 70½ or older, you can donate directly from your IRA to a charity. ✳️Donor-Advised Funds: Contribute to these funds for immediate tax deductions and the flexibility to distribute donations over time. ✳️Appreciated Stock Donations: Donate appreciated securities to avoid capital gains tax. Giving back can be both meaningful and tax-savvy. We're here to help you make the most of your charitable contributions. 🌐www.dactaxact.com #CharitableGiving #TaxEfficientGiving #TaxSavings #QualifiedCharitableDistributions #DonorAdvisedFunds #AppreciatedStockDonations #GivingBack #SmartGiving #TaxPlanning #FinancialWellness #SupportingCauses #Philanthropy #TaxTips #MakeADifference

Deduction of the Week: Charitable Contributions 🎗️Donating to charities can be a great way to give back and benefit from a tax deduction. Remember to keep receipts and records of your donations to maximize your deductions. Schedule your free consultation with our team today and learn more about how charitable giving can reduce your tax liability! https://loom.ly/i8puBeg #TaxTips #CharitableContributions #Deductions #RhodesAndCompanyLLC