Icon Tax Group: Checklist For Year End Charitable Giving


by Michael Lodge

Here are some great articles for charitable giving that covers check lists and tips for planning your end of year giving process.  If you have any question you can call our office at:  877.778.1770.

‘Tis the season for charitable giving: 5 tips for savvy donors: As the holiday giving season gets underway, advisers can help clients better understand the practical benefits of making charitable donations before the end of the calendar year, according to the Orlando Sentinel. Clients can use the checklist in this story to ensure they are making donations properly. For example, are their donations going to IRS-registered organizations? — The Orlando Sentinel

I inherited stocks. How can I reduce the taxes I owe? Clients won’t owe taxes on inherited stocks, bonds, mutual funds or cash when the inheritance is below $5.45 million, according to Money. However, clients will have to pay taxes when they move to sell the appreciated assets. One way to take the sting out of this expense is to sell the assets over time, spreading the one-time capital gains tax hit. – Money

This is the most important tax form you’ll ever need: Taxpayers usually file a W-4 form only when they start a new job. However, clients may want to revisit this form as part of their tax management strategy, according to the Motley Fool. Also known as the Employee’s Withholding Allowance Certificate, the form determines how much an employer deducts from a worker’s monthly salary for taxes. By simply returning to the form and adjusting withholdings can leave a client with a return, rather than facing a tax bill. — Motley Fool