Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on December 20th, 2023 to discuss“Year End Charitable Giving: IRS Tips” https://youtu.be/-YLyiKnZyFg Vincent J. Russo discusses how to maximize gifts with IRA funds, what you need…
This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/-YLyiKnZyFg It is that time of year. There are just a few days left for charitable giving in 2023. Believe it or not, on December 16th, the IRS issued…
Watch "In The Legal Know" with Vincent J. Russo on CFN Live! Vincent appeared on CFN Live on December 14th to discuss “Tis the Season to Be Giving” https://www.youtube.com/watch?v=Xt8Z3fyE_2g&feature=youtu.be Vincent J. Russo discusses the joy of making charitable gifts,…
In general, your total charitable deductions are limited to no more than 60% of your adjusted gross income (AGI). However, only donations to certain organizations as defined by the IRS qualify for the highest limit. These organizations include, but are…
Not all donations are eligible tax deductions. In order to be eligible for a charitable contribution tax deduction, the recipient charity must be duly qualified by the Internal Revenue Service (IRS). This means that gifts to needy relatives, friends, neighbors,…
In order to get the potential tax benefits of a charitable contribution of money or property, you must file an IRS Form 1040 and itemize your deductions on “Schedule A.” If you do not file an IRS Form 1040 then there…
When helping our clients plan for retirement, many express their interest to set aside money for charity. Some clients have a specific charity in mind, while others simply want to set aside an amount to be given to a charity…