With the end of the year in sight, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing how you can retain the tax benefits associated with charitable giving:
How Can My Gift Benefit Me and the Charity?
You’re free to give almost any type of property to whatever organization you choose. But in order to retain the tax benefits associated with charitable giving, contributions need to be made to qualifying tax-exempt organizations that have been organized in the United States and meet certain criteria.
In addition to common charitable organizations that operate exclusively for religious, charitable, scientific, or educational purposes, you may give to veterans’ posts, certain fraternal orders, volunteer fire departments, and civil defense organizations but not politically active groups.
The income tax deduction for your charitable gift will be determined in part by the type of property you give and the type of entity receiving it.
With an outright gift, you might receive an immediate income tax deduction that could equal the value of your gift, up to certain limits. You can carry forward any gift amount that exceeds these limits for up to…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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Securities and investment advisory services offered through SagePoint Financial, Inc. (SPF), member FINRA/SIPC. SPF is separately owned and other entities and/or marketing names, products or services referenced here are independent of SPF.