Last week in our end of the year tax strategies, we spoke of the IRA Distribution, the week prior a Roth Conversion to maximize your tax deductions. This weeks topic is a donation related technique to maximize your tax savings.
Optimizing your Charitable Donations!
Charitable Donations Optimized
- Accelerate or push out to next year your donation IF you have the flexibility to, once again jump as high over your standard deduction as possible
- If you may be phases out of deductions for any reason, consider waiting until next year
- Cash is great, highly appreciated or concentrated stock may be better
- If you want a larger than ordinary charitable donation, consider a donor advised fund or setting up your own charitable foundation – these complex strategies are beyond this discussion, but available
These are sophisticated techniques and may require estimates, planning and professional council — Reminder — this post is not a recommendation, only a reminder of what is available –
A Special thanks to all Veterans on your honored day – No way we can ever fully pay you for your duty – Many thanks and much appreciated!
Have a Great — Less Taxable — Day!
John A. Kvale CFA, CFP
8222 Douglas Ave # 590
Dallas, TX 75225