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"Give Back and Get Back - Charitable Contributions Tax Guide!" When donating to charity, ensure the organization is qualified by the IRS to make your contributions tax-deductible. Always obtain a receipt for your donation, detailing the date, amount, and organization. For non-cash donations, keep a list of the items and their condition. Remember, itemized deductions for charitable contributions can only be claimed if you don't take the standard deduction, so it's important to calculate which method saves you more on taxes. FOLLOW US FOR MORE Xpert Tax Service LLC VISIT OUR WEBSITE www.xperttaxservice.com #TaxGuide #IRSQualified #XpertTaxService #NonCashDonations #TaxDeductible

Did you support a charity last year? If your contribution was $250 or more, it's important to have a written acknowledgment from the organization to claim it on your taxes. For donations under $250, a simple bank or card statement should suffice. Just remember, if you received any gifts in return, you'll need to adjust your deduction accordingly. If you need assistance or have questions about making your charitable contributions count, our team at https://lnkd.in/exZUUn5Q is here to help. #CharitableGiving #TaxDeductionTips #FinancialPlanning #TaxPreparation #SmartDonations #PremiereTeam

As tax season approaches, many people begin thinking about their tax deductions. One important deduction to remember is charitable donations. You may be surprised to find out that you have likely made more charitable donations than you realize. Often, we forget about the small donations we make throughout the year, such as the coins we drop into donation boxes or the change we round up when we make purchases. While these donations may seem insignificant individually, they can add up over time. By neglecting to claim these donations on your taxes, you are missing out on potential tax savings. Next tax season, take a moment to review your charitable giving throughout the year. You may be surprised at how much you have actually donated. Be sure to keep track of your donations so that you can claim them on your taxes. This way, you will be able to reap the tax benefits of your generosity and help support the causes that are important to you. #deductions #writeoffs #taxexemptions #taxcredits #taxseason #charity #donations #taxsavings #taxbenefits #taxdeductions

Tiffany Ritchie, CFP, HDP of Morris Financial Concepts, shares another tip in this charitable deduction series. This time she shares how donor-advised funds allow for upfront tax deductions while enabling charitable contributions to be spread over years. This video explains the strategy of front loading donations to leverage tax advantages, including a higher standard deduction. Learn how your contributions can grow and potentially increase the amount given to charities, all while optimizing tax benefits. #Charity #FinancialPlanning #TaxBenefits #GivingStrategy #CharitableDeductions #PhilanthropicImpact Learn more about how Morris Financial Concepts can help you plan your giving at https://buff.ly/3TlTBRS

Wondering if you can still claim deductions for your 2023 donations if you haven't received acknowledgment letters from charities yet? Here's what you need to know: 1. To qualify for a charitable deduction, you usually need written acknowledgment from the charity. 2. “Contemporaneous" means you should get this before your tax return filing date or the extended due date. 3. If you haven't received it for 2023 donations, contact the charity and request it. Remember, the special tax provision for nonitemizers in 2020 and 2021 isn't available for subsequent years. So, you'll need to itemize deductions if you want to deduct charitable gifts in 2023. Questions or need help with substantiation? Reach out to us! #slakcpa #saleemlakhanicpa #CharitableDeductions #TaxTips #Donations2023

Did you know that donating to a qualified charity can help reduce your taxable income? If you itemize deductions, charitable donations can be a powerful tax-saving tool. For those over 70½ with a traditional IRA, making a Qualified Charitable Distribution (QCD) of up to $100,000 directly to a charity can help lower your tax bill even further! It counts toward your Required Minimum Distribution (RMD) and won’t be taxed as income. Giving back while saving on taxes—it's a win-win!

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.

How Can Charitable Donations Benefit My Tax Bill? ❤️ Made a donation to a registered charity? You might be eligible for valuable tax relief! For sole traders, eligible donations can reduce taxable income, keeping more money in your business while supporting great causes. Keeping track of your charitable contributions is key—let’s ensure you’re claiming all the tax benefits you’re entitled to. Have questions? We’re here to help you maximise your savings - Call our office on 0117 2901204 #CharityDonations #TaxRelief #SoleTraderTips #GivingBack #BarrettStaceyAccounting

If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That’s not only generous, it might lead to tax savings (if you itemize deductions on your tax return). You’ll need to secure proper documentation from the qualified charities you donate to. Noncash donations of less than $250 must be supported by a receipt, showing your name, address, date of donation and detailed descriptions of the items. For donations valued at $250 to $500 you must also obtain a “contemporaneous written acknowledgement” from the charity. Click here for more details, including documentation needed for higher value donations: https://bit.ly/3yvZKD4 #CharitableDonations #TaxSavings #IRS #TaxDeductions #SummerCleaning #TaxTips

Wondering if you can still claim deductions for your 2023 donations if you haven't received acknowledgment letters from charities yet? Here's what you need to know: 1. To qualify for a charitable deduction, you usually need written acknowledgment from the charity. 2. “Contemporaneous" means you should get this before your tax return filing date or the extended due date. 3. If you haven't received it for 2023 donations, contact the charity and request it. Remember, the special tax provision for nonitemizers in 2020 and 2021 isn't available for subsequent years. So, you'll need to itemize deductions if you want to deduct charitable gifts in 2023. Questions or need help with substantiation? Reach out to us! #slakcpa #saleemlakhanicpa #CharitableDeductions #TaxTips #Donations2023