Even the Cat Lady Needs to Get a Receipt from the Charity

Under Internal Revenue Code Section 170, a person who volunteers services to a charitable organization is not entitled to deduct the value of those services on his or her income tax return. However, if the person volunteering for the charity incurs expenses in rendering those services, the unreimbursed expenses are deductible up to $250 without.. read more →

Avoiding Capital Gains Taxes By Borrowing A Charity’s Tax Exemption

It is important to be mindful of opportunities to minimize taxes and retain your hard earned money and assets for you and your family rather than sharing those assets with Uncle Sam. One such opportunity arises when you have appreciated capital assets (such as stock, mutual funds, bonds, real estate or collectibles) that you wish.. read more →

Charitable Giving Through a Donor Advised Fund or a Private Foundation

There are an abundant number of reasons why people make charitable gifts, which include supporting an important cause (such as ending world hunger, saving the environment, supporting the arts, providing help to those in need), teaching younger generations to make the world a better place, and obtaining a charitable income tax deduction. Once the decision.. read more →

Is a Private Foundation the Right Choice for You?

Many wealthy philanthropic people establish private family foundations in order to make a positive impact on the community, to educate their children and future generations about the importance of giving back to the community to make the world a better place, and to obtain charitable income, gift and estate tax deductions. You may have seen.. read more →

Donor Advised Funds

Donor Advised Funds (DAFs) make charitable giving simple for everyone. What is a DAF? A DAF is a cost effective charitable vehicle that allows a donor to make charitable gifts to multiple charities over a period of time with little administrative responsibility while reaping the benefit of maximum charitable income tax deductions. A DAF is a.. read more →

Giving the Monet to the Museum In Installments

Say that you have an extra Monet or a Warhol hanging around your house and you decide that you would like to donate it to your favorite local museum to share it with the public; but, for sentimental reasons, you do not want to fully part with it at this time. So, you plan to.. read more →

2012 Is A Great Year To Make Gifts

The estate and gift tax law is constantly changing.  In 2012, this law is very favorable for anyone inclined to make gifts to family members or friends.  Generally, any transfer of cash or other assets that you make to another person without consideration during your lifetime is subject to gift tax and the requirement that.. read more →