Check deductibility before making year-end charitable gifts

Check deductibility before making year-end charitable giftsAs the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a good idea to check deductibility before making any year-end donations.

Ensure your year-end donations will be deductible on your 2016 return

11_29_16_537605798_ITB_560x292.jpgDonations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you must make them by year end to qualified charities.

Get 2 tax benefits from 1 donation: Give appreciated stock instead of cash

09_27_16-585153656_ITB_560x292.jpgIf you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock.