There are many of us who want to support the churches and charities in our communities and sometimes even around the world. Most donors are happy to give support to causes they deem worthwhile but it’s important to understand the tax implications and strategies available when making charitable donations.
Things to Consider
With each of our clients we help them develop plans that maximize their tax return by helping them minimize their annual tax bill. Charitable deductions are an excellent way to accomplish this, but many taxpayers are not making them in the most optimal fashion.
There is much more to be considered when giving to organizations and charities you support than simply writing a check. Topics to consider are: types of ownership, minimizing your adjusted gross income through Required Minimum Distribution (RMD) strategies, and taking a more active role in the management of your investments.
Let Us Handle the Logistics
When gifting appreciated stock, some charities may not be prepared to handle those types of transactions. Fortunately, this is something we can be of assistance in accomplishing. The Financial Enhancement Group can handle helping the organization create an account for the appreciated stock to be transferred to and help them process the trades, all at no cost to you or the charity.
We believe strongly in supporting charitable organizations and we also think it’s important for our clients to best utilize those contributions when it comes to minimizing their tax bill. FEG is here to help.