This week, Craig Siminski, of CMS Retirement Income Planning, shares an article exploring various tax-advantaged giving strategies:
You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about.
But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give.
You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax planning.
You can generally deduct charitable contributions, which reduces your taxable income, only if you itemize deductions on your federal income tax return. The deduction is currently limited to 60% of your adjusted gross income (AGI) for cash contributions to public charities.
Otherwise, limits of 50%, 30%, or 20% of AGI may apply, depending on the type of property you give and the type of organization to which you contribute. Excess amounts can…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 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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