Thu, December 12, 2024

Five Tax-Savvy Ways To Donate This Holiday Season

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  Print publication without navigation Published in Business and Finance on , Last Modified on 2026-04-17 15:30:11 by Kiplinger

You can give Goats of Anarchy a one-time donation, sponsor your favorite animal, or even donate stock to support the animals at the sanctuary. If you're in the neighborhood, you can even volunteer to help out the team for a regular shift at least once a week.

The article from Kiplinger discusses various tax-savvy strategies for charitable donations during the holiday season. It highlights the benefits of donating appreciated assets like stocks or mutual funds to avoid capital gains tax while still receiving a tax deduction for the full market value. Another method mentioned is Qualified Charitable Distributions (QCDs) for those over 70½, allowing them to transfer up to $100,000 directly from an IRA to a charity, which counts towards their Required Minimum Distribution (RMD) without being taxed as income. The article also touches on donor-advised funds, which offer immediate tax deductions and the ability to recommend grants over time. Additionally, it suggests bunching donations in a single year to surpass the standard deduction threshold, thereby maximizing tax benefits. Lastly, it advises on the importance of keeping meticulous records for all donations to ensure they are deductible.

Read the Full Kiplinger Article at:
https://www.kiplinger.com/taxes/tax-savvy-ways-to-donate-this-holiday-season