FINANCIaL
FIELd NOTES
Getting A 91% Charitable Tax Deduction In Virginia – Neighborhood Assistance Program
If you live in Virginia and are searching for charitable organizations to give to, you may want to consider the Neighborhood Assistance Program (NAP).
According to their website, “In return for [your] contributions...individuals may receive tax credits equal to 65 percent of the donation that may be applied against their state income tax liability.” That’s right - a 65% dollar-for-dollar credit on your Virginia taxes!
How Much Can I Give Tax-Free Every Year?
Many clients that I work with want to begin gifting to their children and grandchildren. I love helping with this transition because it allows them to see the benefits of their gift instead of waiting to pass on an inheritance until after they are gone. The gifts can also be timed to help during pivotal moments in their lives, such as weddings, down payments, and college costs.
But exactly how much can you give without incurring taxes?
Tax-Wise Giving Strategies, Part 3 – Gifting Required Minimum Distributions
In part 3 of this series, I discuss how gifting required minimum distributions is a great way to give to charities, especially for those that typically cannot itemize their charitable deductions…
Tax-Wise Giving Strategies, Part 2 – Gifting Appreciated Investments
In part 2 of this series, I discuss how gifting appreciated investments is a great way to give more to charities in a tax-deductible way, while also benefiting from avoiding the capital gains tax and diversifying your investments…
Tax-Wise Giving Strategies, Part 1 – Bunching Gifts & Donor-Advised Funds
Most people begin to think about charitable giving strategies at the end of the year. However, I think January is the time to plan for the year ahead because there are many strategies that if implemented would change the way you give throughout the year.
Tax savings is not the reason we give to the charities we value. However, if you are planning to give, let’s not leave Uncle Sam a tip! Bunching gifts is a great way to do that…
Is Saving In a 529 Plan a Mistake?
529 plans have long been the go-to for college savings. And for good reason - all the growth is tax-free if used for qualified educational expenses. But in recent years they have come under question as parents and grandparents wonder if all that college savings is for waste.
After all, many expect the education system to have some type of reform as the cost of college has ballooned over the past 40 years…