Maximize Year-End Giving with Charitable Donations
What’s better than helping your favorite charity and reducing your tax bill? That’s exactly what charitable giving does—but only if you play by the rules and take advantage of the tax laws wisely.
Retirees: Deduct Your Long-Term Care Insurance Premium
Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware…
Charitable Giving Limits: How Much Can You Deduct?
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…
Tax Deductions and Considerations to Maximize Charitable Giving
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,…
Smart Strategies for Charitable Giving and Tax Savings
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…