With April 15th fast approaching, now is a time to review your charitable gifting for 2018.
One main tax benefit of charitable gifting is that a qualified donation entitles the donor to a charitable deduction . Please be aware that there are certain limits on taking charitable contribution deductions. One can also make a qualified donation of a non cash item as long as the fair market value of the item can be substantiated. If a donor makes a qualified charitable donation from their IRA, they can also take advantage of that income not being counted as taxable income (with certain restrictions). There are many tools that donors can utilize to fund their charitable endeavors such as donor-advised funds, private foundations and charitable remainder trusts and these are to be considered when reviewing their charitable goals. Interested in learning more? Contact the experiences attorneys of Morris Law Group for an immediate consultation.