Tag: charitable contributions
8 Year End Tax Tips
With year-end fast approaching, it is essential to focus on key deadlines and financial strategies that may affect your tax position. Taking timely action on these matters can help you optimize deductions, minimize liabilities, and close the year on a...
How IRA Owners Can Donate to Charity in 2024
In 2024, owners of Individual Retirement Accounts (IRAs) have a great way to give back to their communities. If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity, under a Qualified Charitable...
Charitable donations of virtual currency
According to the IRS, when a charitable organization receives virtual currency, such as Bitcoin, it should classify the donation as a noncash contribution. These contributions need to be reported on a Form 990-series annual return along with Schedule M, if...
Guest Author Joseph J. Lezotte, CFP®, AIF®: Is a qualified charitable distribution right for you?
If you’re a charitably-minded individual at an age that requires you to take a required minimum distribution from your IRA and you don’t need the full amount to support you, a qualified charitable distribution (QCD) may be a good option....
Failure to substantiate charitable contributions could cost you
Substantiation requirements for charitable contributions vary depending on the size and nature of the donations—and taxpayers should be prepared with adequate documentation. While a recent article in Forbes pokes fun at substantiating charitable contributions, it reminds us that the IRS...
ShindelRock debuts new charitable contribution campaign this tax season
Our clients give generously to charities and non-profits, and at ShindelRock our team shares your commitment to these worthy causes. That’s why we’re pleased to introduce a new matching program for a Michigan 501(c)3 organization that is important to our...