T.M. Wealth Management’s Post

It’s Monday, so let's busy a myth! 🔨 Coming into the holidays soon, time to be thankful. "Charitable giving must be done before year-end to benefit" While it’s true that donations made before December 31st are often popular for tax purposes, that doesn’t mean your charitable giving is confined to year-end deadlines. In fact, with the right strategies, you can make giving a regular part of your financial plan and still enjoy the benefits over time. 1. Donor-Advised Funds allow you to make charitable contributions now and claim an immediate tax deduction. But the giving can be spread out over months or even years. 2. Ongoing Donations - many people find that spreading their donations throughout the year helps them align charitable giving with their budget. You can set up recurring donations to your favorite causes, ensuring consistent support without the pressure of year-end deadlines. For larger charitable gifts, they often require more planning, and there are tools that can help you achieve this in ways that are both tax-friendly and aligned with your charitable pursuits. So, while year-end giving is common, it’s not the only time to give. Don’t hesitate to connect if you’d like to discuss how you can optimize your giving!

💡 Maximize Your Charitable Contributions for Tax Savings! 💡 At Shifflett & Philips we know that charitable giving can benefit both your community and your wallet. Here are three ways to maximize your tax savings: 𝟭. 𝗧𝗿𝗮𝗰𝗸 𝗗𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗞𝗲𝗲𝗽 𝗥𝗲𝗰𝗼𝗿𝗱𝘀 Document all donations, including cash, goods, and volunteer hours. For larger donations, consider itemizing deductions. 𝟮. 𝗧𝗮𝗸𝗲 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝘃𝘀. 𝗜𝘁𝗲𝗺𝗶𝘇𝗶𝗻𝗴 If you’re taking the standard deduction, you may still be able to deduct up to $300 ($600 for married couples) in cash donations to qualified charities. For larger contributions, itemizing your deductions could lead to bigger tax savings. 𝟯. 𝗤𝘂𝗮𝗹𝗶𝗳𝗶𝗲𝗱 𝗖𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀 (𝗤𝗖𝗗𝘀) The IRS has announced that in 2024, eligible IRA owners can donate up to $105,000 to charity tax-free through Qualified Charitable Distributions (QCDs). This allows individuals aged 70½ or older to donate directly from their IRAs to eligible charities, with the donation not being counted as taxable income. The increased limit for 2024—up from $100,000 in previous years—makes it easier for IRA owners to give more to charity while reducing their taxable income. This donation strategy also helps individuals meet required minimum distributions (RMDs) without triggering tax liability. Consult with us to ensure you're making the most of your charitable giving this year! #CharitableGiving #CPA #TaxPlanning

🎁✨ It's Giving Season! ✨🎁 The season of generosity is here, and many of us are planning to give back in meaningful ways. If you're considering making significant donations this year, don't forget—you may be able to take advantage of charitable donation tax deductions! Here's what you need to know: ✅ Donate to Qualified Organizations: Make sure the charity is a registered 501(c)(3) nonprofit. Use the IRS Tax Exempt Organization Search tool to verify. ✅ Get a Receipt: For donations over $250, you'll need a written acknowledgment from the charity. ✅ Itemize Your Deductions: To claim the charitable deduction, you must itemize rather than take the standard deduction. ✅ Non-Cash Donations: If you're donating items like clothing, furniture, or stocks, ensure you document their fair market value. For noncash contributions over $5,000, get a qualified appraisal and include it with your tax return. If your donation exceeds $500,000, you must submit the full appraisal report. ✅ Timing Matters: Contributions must be made by December 31 to count for this tax year. ✅ Donate Appreciated Assets: Consider donating stocks or other appreciated assets. This can help you avoid capital gains taxes while maximizing your charitable impact. ✅ Bunch Donations: If you're close to the standard deduction threshold, consider bunching donations into one year to maximize your itemized deductions. Giving not only impacts the community—it can benefit you financially, too! Consult a tax professional if you have questions about maximizing your deductions. Let's make this season about giving and gratitude! ❤️ #GivingSeason #CharitableGiving #TaxTips #MakeADifference

Maximize Your Charitable Contributions: Tips for High-Income Earners! Are you looking to make the most of your charitable donations? Here’s how you can maximize your deductions while making a positive impact: Itemize Your Deductions: Ensure you’re itemizing deductions instead of taking the standard deduction to claim charitable contributions. Donate Appreciated Assets: Donating stocks or other appreciated assets can provide a double benefit—deduct the asset's fair market value and avoid capital gains tax. Bunch Your Donations: Consider bunching multiple years of donations into one year to surpass the standard deduction threshold. Keep Records: Maintain detailed records of your donations, including receipts and acknowledgment letters from charities. By strategically planning your charitable contributions, you not only support causes you care about but also enjoy significant tax benefits. Take Action Now: Consult with a tax advisor to optimize your donations today! Ready to maximize your charitable contributions? Like, share, and comment to spread the word and make the most of your giving! #CharitableDonations #TaxDeductions #HighIncome #TaxStrategy #FinancialPlanning #taxplanning #wealthmanagement #luxurylifestyles #realestate #legal #lawoffice #rei #hjfinancials #luxuryceowomen

🎁✨ It's Giving Season! ✨🎁 The season of generosity is here, and many of us are planning to give back in meaningful ways. If you're considering making significant donations this year, don't forget—you may be able to take advantage of charitable donation tax deductions! Here's what you need to know: ✅ Donate to Qualified Organizations: Make sure the charity is a registered 501(c)(3) nonprofit. Use the IRS Tax Exempt Organization Search tool to verify. ✅ Get a Receipt: For donations over $250, you'll need a written acknowledgment from the charity. ✅ Itemize Your Deductions: To claim the charitable deduction, you must itemize rather than take the standard deduction. ✅ Non-Cash Donations: If you're donating items like clothing, furniture, or stocks, ensure you document their fair market value. For noncash contributions over $5,000, get a qualified appraisal and include it with your tax return. If your donation exceeds $500,000, you must submit the full appraisal report. ✅ Timing Matters: Contributions must be made by December 31 to count for this tax year. ✅ Donate Appreciated Assets: Consider donating stocks or other appreciated assets. This can help you avoid capital gains taxes while maximizing your charitable impact. ✅ Bunch Donations: If you're close to the standard deduction threshold, consider bunching donations into one year to maximize your itemized deductions. Giving not only impacts the community—it can benefit you financially, too! Consult a tax professional if you have questions about maximizing your deductions. Let's make this season about giving and gratitude! ❤️ #GivingSeason #CharitableGiving #TaxTips #MakeADifference

As we embrace the spirit of giving this festive season, it’s the perfect time to reflect on how your generosity can create a meaningful impact. 🌟 Donating assets. Donating assets like shares or property to a charity can be a smart way to give back while improving your tax position. When you gift appreciated assets, you can avoid paying CGT, meaning the charity gets the full value of your donation. Plus, you receive a tax deduction for the asset's market value. 🌟 Strategic Philanthropy. For long-term giving, you might like to consider a private ancillary fund (PAF). A PAF is a standalone charitable trust that allows individuals, families, or businesses to create a personalised giving program. Contributions are tax-deductible and invested in line with a formal strategy to grow the fund. 🌟 Matching Programs: Check if your network or charity of choice offers donation-matching programs to double the impact of your contribution. Aligning your charitable giving with your financial goals ensures that your generosity makes the greatest possible impact. Wishing you a safe and fulfilling holiday season!

Maximize Your Year-End Giving As 2024 winds down, it’s the perfect time to explore impactful charitable giving strategies that also provide tax benefits!  Make Tax-Free Gifts with Your IRA RMD: If you're 73 or older and need to take your required minimum distribution (RMD), consider a  Qualified Charitable Distribution (QCD). Send your RMD directly to GAF by December 31, 2024, and make it tax-free! (Remember, QCDs must go directly to charity—not through your bank account.)  Donate Appreciated Stocks for Maximum Impact: Give smarter by donating appreciated stocks you’ve held for over a year. This approach helps you avoid capital gains taxes while maximizing the impact of your gift.  Bundle Your Donations to Maximize Tax Savings: Combine several years’ worth of donations into one tax year to maximize deductions. This “charitable bunching” strategy unlocks savings if your gifts don’t typically exceed the standard deduction.  Establish a Donor-Advised Fund for Ultimate Flexibility: With a DAF, you can make a single gift now for tax benefits and recommend grants to your favorite charities over time.  Make your generosity count this holiday season! Contact us today to learn more about these options.  Call 330-823-8560 Email info@greateralliancefoundation.org #YearEndGiving #CharitableGiving #GreaterAllianceFoundation #TaxBenefits #IRA #DonorAdvisedFunds #MakeAnImpact 

Maximize Your Charitable Contributions: Tips for High-Income Earners! Are you looking to make the most of your charitable donations? Here’s how you can maximize your deductions while making a positive impact: Itemize Your Deductions: Ensure you’re itemizing deductions instead of taking the standard deduction to claim charitable contributions. Donate Appreciated Assets: Donating stocks or other appreciated assets can provide a double benefit—deduct the asset's fair market value and avoid capital gains tax. Bunch Your Donations: Consider bunching multiple years of donations into one year to surpass the standard deduction threshold. Keep Records: Maintain detailed records of your donations, including receipts and acknowledgment letters from charities. By strategically planning your charitable contributions, you not only support causes you care about but also enjoy significant tax benefits. Take Action Now: Consult with a tax advisor to optimize your donations today! Ready to maximize your charitable contributions? Like, share, and comment to spread the word and make the most of your giving! #CharitableDonations #TaxDeductions #HighIncome #TaxStrategy #FinancialPlanning #taxplanning #wealthmanagement #luxurylifestyles #realestate #legal #lawoffice #rei #hjfinancials #luxuryceowomen

December, the Season of Giving with Benefits! 🌟 This holiday season, consider redefining your approach to charitable giving for a win-win scenario. 🎁💰 ✅Giving During Your Lifetime: Experience the impact of your generosity while enjoying tax deductions and reducing your estate. ✅Consolidate Donations: Combine multiple years' worth of donations during high-income years to maximize your deductions. ✅Donate Appreciated Assets: Avoid capital gains tax by donating highly appreciated assets, benefiting from tax deductions and reducing your taxable estate. ✅Use a Donor-Advised Fund: Leverage a charitable fund for immediate tax deductions and strategically time contributions for high-income years. ✅Roll Donations Over: After age 70½, explore qualified charitable deductions to lower your taxable income. ✅Leave a Legacy: Incorporate philanthropic gifts into your will or trust, ensuring your financial needs are met before gifting assets. ✅Blending Lifetime and Legacy Giving: Explore charitable trusts like charitable remainder trusts (CRTs) and charitable lead trusts (CLTs) for a lasting impact. Working with a financial advisor can help you navigate these strategies for the most significant impact on your philanthropic goals and tax savings during your lifetime and beyond. Want to learn how? schedule a time to chat here: https://bit.ly/15mindisc #CharitableGiving #TaxStrategies #Philanthrop

Smart charitable giving balances two things: your giving goals and tax efficiency. Let's talk about how to approach both: For most people, building a charitable philosophy comes first - the tax benefit is just ancillary. But here's what people need to be thinking about: Due to higher standard deduction limits, often times people make charitable contributions and don't even get any tax benefit because they're not itemizing deductions. If we're doing our tax planning and we know whether we're going to itemize or not, this can help us figure out what our charitable strategy might be. For those who give systematically year in and year out, it might make sense to bunch your donations. Make a big donation this year to a donor advised fund to get the tax benefit on your return, versus giving smaller amounts in future years where there might not be any tax benefit that shows up. We want to be thinking each and every year about the best way to use our charitable donations and how to structure them to be as tax efficient as possible. #CharitableGiving #TaxPlanning #Philanthropy