Navigating The Tax Landscape When Donating Works of Art to Charity
Are you an artist or collector interested in donating artwork to charity? Here are the basic rules to claim a tax deduction for your generosity.
Did You Make Donations In 2020? There’s Still Time To Get Substantiation
In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?
IRA Charitable Donations are an Alternative to Taxable Required Distributions
There’s a tax-smart strategy for high-net-worth individuals over 70-1/2 years old who have IRAs and are charitably minded.
What You Can Deduct With Your Volunteer Work
Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering for the organization. But the rules are complex.
Year-End Charitable Giving in 2017
The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be sure to follow the rules.