Ho Ho Ho! Everyone is writing about being charitable today to assuage that capitalist guilt. 'Tis the season. Charity my friends and loyal readers starts in the home. Be charitable and loving with yourself first and foremost. Nurture your soul. Make yourself a better human being...
Charitable giving with intention - QCD's originated out of a more innocent time when I was relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado. Back then my wife and I developed a plan to drill down into several aspects of charitable...
Act now! According to the IRS IRA owners age 70½ or older have until Thursday, Jan. 31 2013 to make a direct transfer, or alternatively, if they received IRA distributions during December 2012, to contribute, in cash, part or all of the amounts received to...
This post is a brief review of IRS Publication 526. Basically if your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Don't get duped. You cannot deduct contributions made to specific individuals, political organizations or candidates. Regardless of the...
Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as long as you secure the...
Under IRC §170(c)(2)(A) generally speaking when a trust uses its income to buy an asset and in a later year gives that asset to a charity it is allowed a charitable deduction. Chief Counsel Advice 20104202 stipulates however that if the deduction was not limited to the trust’s...
Regardless of the amount, to deduct a contribution of cash, check, or other monetary gift, you must maintain a bank record, payroll deduction records or a written communication from the organization containing the name of the organization, the date of the contribution and amount of...
New York Times editorial, Render Unto C Street: It is not unusual for members of Congress to arrange group rentals in Washington to share housing costs and, for some, underline their continuing “outsider” status. What is highly unusual, and unjustifiable, is the tax-exempt status as a...
WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at...