If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions
Charity Archives - Crawford Ellenbogen
Feb 24, 2022
The donor-advised fund: A powerful vehicle for charitable giving
- By Joan Ellenbogen
- Charity, Estate
- 0 Comments
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Feb 23, 2022
Did you give to charity in 2021? Make sure you have substantiation
- By Victor Dozzi
- Charity, Taxes
- 0 Comments
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable
Nov 23, 2021
When nonprofits should return donations
- By Victor Dozzi
- Charity, Non-Profit
- 0 Comments
Return requests generally are rare, but occasionally donors may ask your not-for-profit to return their contribution. Are you required to comply? What if you’ve already spent the money? There’s no federal law that requires nonprofits to return donations. Individual states have enacted various laws that could come into play, but these generally are vague about
Apr 7, 2020
CARES ACT changes retirement plan and charitable contribution rules
- By Ellenbogen
- Charity, Retirement
- 0 Comments
Feb 6, 2020
Oct 31, 2019
IRA charitable donations are an alternative to taxable required distributions
- By Ellenbogen
- Charity, Taxes
- 0 Comments
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision
Jun 20, 2019
Donating your vehicle to charity may not be a taxwise decision
- By Ellenbogen
- Charity, Taxes
- 0 Comments
Let’s say you’re buying a new car and want to get rid of your old one. You’ve heard ads claiming you can get a tax deduction for donating a car to charity. But this may not result in a big deduction — or any at all. It depends on whether you itemize and what the
Feb 7, 2019
There’s still time to get substantiation for 2018 donations
- By Ellenbogen
- Charity, Deductions, Taxes
- 0 Comments
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