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2024 Tax Planning Guide
Charitable Contributions
Donations of goods to charity are valued at their market value at the time of donation. You can’t claim the price you paid for the item.
Deduction Requirements
You must itemize deductions to claim your charitable contributions. All donations of goods with a market value greater than $250 must have a receipt from the charity indicating the name of the organization and the description of the non-cash donation. If you don’t itemize because your deductions are less than the standard deduction, you might consider accelerating or bunching several years’ contributions together into one tax year.For example, if you give $10,000 per year to a charity, bunch three years of contributions—$30,000—into one year instead, and then itemize the deduction on your tax return. Take the standard deduction in the other two years.
When donating to charity, ensure the charity is qualified by searching the IRS database, irs.gov/charities-non-profits/search-for-tax-exempt-organizations. Only donations qualified by the IRS are eligible for tax deductions.
Qualified Charitable Distributions (QCD)
If you’re age 70 1/2 you can donate up to $100,000 of taxable IRA distributions directly to qualified charities. This satisfies the minimum distribution requirement and is excluded from taxable income. Making a QCD can potentially lower your income tax, net investment income tax, and additional Medicare tax.CONTACT US
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