Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Food donations Charitable write-offs for donated food (such as by restaurants and grocery...
The federal Small Business Administration reports that about 75% of small business owners donate some portion of their profits to charity each year. The average contribution is around 6% of earnings. Fulfilling philanthropic intentions has emotional rewards. And there...
As you file your 2016 income tax return and plan your charitable donations for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you give Other than the actual amount you donate, one of the...
A charitable donation to a qualified charity is generally fully deductible. Often, donations may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on...
When it comes to making a charitable donation, remember that all donations are not created equal. You must keep in mind the available deduction for different types of assets donated. Cash. This includes not just actual cash but gifts made by check, credit card or...
If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock....
In 2015, a tax break valued by many charitably inclined retirees was made permanent: the qualified charitable distribution. If you are age 70½ or older, you can make direct contributions of up to $100,000 annually from your IRA to qualified charitable organizations...
If estate taxes are a concern and you’re looking for a way to benefit charity while transferring assets to loved ones, consider a charitable lead trust (CLT). But you may want to act soon: CLTs save the most tax when interest rates are low, like they are now, and...
In order to substantiate monetary charitable contributions, you must have either a bank record of the contributions or a written acknowledgement from the organization. Cancelled checks are the easiest way to substantiate your contributions. Unsubstantiated cash...
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability and save taxes — but you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur...
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