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The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
As 2022 draws to a close, many American taxpayers are thinking of charitable donation strategies that make the most sense for their finances, despite any contemporary economic burdens. See: 6 ...
If using charitable deductions is one of the strategies you're planning to use to reduce your 2022 tax liability, you're running out of time to max out your contributions. Additionally, there are...
If a donor is contributing property that would have yielded a long-term capital gain in a sale, then the deduction for the contribution is limited to 30% of donor's adjusted gross income in the year of donation if the donee is a public charity, and limited to 20% if the donee is a private foundation. Contributions over the respective AGI ...
According to J.P. Geisbauer, a Certified Public Accountant (CPA) at CenterPoint Planning, “With [the] standard deductions as high as they are… and the $10K state and local tax deduction ...
A donor-advised fund has some disadvantages compared to a private foundation, and some advantages. Both can accept donations of unusual or illiquid assets (e.g., part ownership of a private company, art, real estate, partnerships or limited partnership shares), but a donor-advised fund has higher deductions for these gifts (depending on the gift).
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