Year-end philanthropic acts can be a valuable way to support causes you believe in, and they can also offer significant tax perks. By contributing to qualified organizations, you can potentially reduce your taxable income, leading to a larger payment. It's essential to speak with a tax advisor to figure out the best strategies for your circumstance
How donating money for tax purposes can Save You Time, Stress, and Money.
"That can help you decrease your taxable income," states Ed Slott, a CPA who educates economic advisers on IRA and retirement scheduling procedures. You may as well claim a charitable deduction, assuming you'll be able to itemize in the year you donate. to be able to assert the deductions, you'll want to itemize deductions with your taxes in place