Wes Coulson discusses income tax tips for giving to charity and how you can get the most out of your charitable contributions. Through planning, there are ways to save on your taxes when making charitable donations.
Hi, I’m Wes Coulson and this is your Elder Law Minute. You probably already know that you get a tax deduction for making charitable contributions. But did you know that there are some more cost-efficient ways to go about it to get more bang for your charitable buck, if you will? One of the best ideas is instead of making a cash contribution, to give a charity appreciated stock, that if you sold it in order to invest in something else, you would have to pay capital gains tax on it. If you give that appreciated stock to charity, you never wind up having to pay capital gains tax on it and you can use the money that you would have used for the charity for other purposes. At a more sophisticated level, there are some great things that we can do by way of charitable planning to save you taxes. If you are thinking of making charitable contributions, give us a call. We’ll talk about how you can do it the best way. Thanks!