CPA Charlotte Henderson of Reynolds Bone & Griesbeck encourages these tax advantaged giving strategies in your charitable planning:
- If you have appreciated stock, it could be beneficial to donate these assets over cash. Stock gifts may reduce or minimize your tax burden.
- If you’re 70 ½, you may direct your IRA required minimum distribution, or RMD, directly to charitable organizations, tax-free.
- Consider opening a donor-advised fund. You’ll receive a tax deduction the year you contribute to the fund and may continue to use this fund for future years to make grants to organizations. And, donor-advised funds can grow, tax free.
Please consult with your tax advisor prior to finalizing your charitable giving plans. Learn more at cfgm.org/wkno.