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 →
Beware of Artists Bearing Gifts
It is always nice to receive a gift. As my mom told me and my siblings repeatedly when we were growing up, “you should appreciate the gift because it’s the thought that counts, not whether or not you like the actual gift.” However, you should be aware that if you receive a gift of artwork.. read more →
Saving For College On A Tax Favored Basis: The 529 College Savings Plan
Kids grow-up fast. Before you know it, they are ready to embark on their college careers. Unfortunately, the cost of college tuition has escalated substantially over the last 20 years, placing a significant financial burden on parents, grandparents and students alike. I recently performed an informal survey to find out what some California colleges are.. read more →