To claim an itemized deduction for a donation of more than $250, generally you need a contemporaneous written acknowledgment from the charity. “Contemporaneous” means the earlier of 1) the date you file your income tax return, or 2) the extended due date of your return. If you made a donation in 2018 but haven’t received […]

It’s critical for nonprofit organizations to be on the lookout for fraud throughout the year, but even more so during the busy holiday and year-end season. You can help prevent fraud by enforcing internal controls regardless of how busy staffers are processing donations or completing other end-of-year tasks. Possibly the most important control is segregation […]

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Plus it can reduce the size of your future taxable estate. How does it work? You make a gift of cash or other property to a […]

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]

Charitable giving can be a powerful tax-saving strategy: Donations are generally fully deductible, and you control when and how much you give. To ensure you receive your desired tax benefits, remember that, to be deductible on your 2017 return, a donation must be made by Dec. 31, 2017, to a “qualified charity” (one eligible to […]

Charitable giving is a key part of estate planning for many people. If you’re making gifts during life, generally, it’s advantageous to donate appreciated property to avoid capital gains tax. Because the top capital gains rate for art is 28%, donating art can be particularly effective. Be sure to have art appraised by a “qualified” […]

Here are three lesser-known income tax breaks for charitable donations by businesses: 1) deduction for donated food that equals the lesser of the food’s basis plus one-half the fair market value in excess of basis or two times the basis, 2) deduction for qualified conservation contributions by qualified C corporation farming and ranching operations of […]

A charitable lead trust (CLT) is most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT now are favorable. A CLT provides a regular income stream to charities during the trust term, after which the remaining assets pass to noncharitable beneficiaries. A charitable lead annuity trust (CLAT) makes annual payments to […]