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This charitable giving can help cut back on your taxes.
Donation Limits and Caps: How Much Can You Deduct? There are no limits to how much you can donate to charity. However, the maximum amount you can deduct on your taxes is 60% of your adjusted gross ...
Assume that Joy's driving costs (gas money, oil change, etc.) amount to $150, the cost of a hotel room for the week is $400, and the cost of child care for her two kids is $500 for the week. Joy is not entitled to deduct the $10,000 value of "free services" that she performed. Nor is she entitled to deduct the $500 of child care expenses ...
For vehicles valued at less than $500, the deduction amount comes from the donor's own estimate of the car's value, even if the charity receives less money from its sale. Deductions greater than $500 are limited to the proceeds of selling the vehicle, usually at auction. The U.S Internal Revenue Service advises that starting in 2005:
So, for example, a couple may have itemized deductions of $20,000 and decide that they want to establish a fund with a $50,000 contribution and reap the additional tax deduction.
Donor-advised funds do reap a significant cost advantage (foundations carry a 2.5–4% of assets overhead expense to maintain, a 1–2% excise tax on NET investment earnings and a required 5% spending of assets each year) but may also have one more drawback: a limited lifetime, although this varies depending on the sponsor.
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