{"id":4072,"date":"2022-11-17T20:11:58","date_gmt":"2022-11-18T02:11:58","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=4072"},"modified":"2022-11-20T06:57:25","modified_gmt":"2022-11-20T12:57:25","slug":"charitable-giving","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/charitable-giving\/","title":{"rendered":"Charitable Giving"},"content":{"rendered":"\n

Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving<\/strong>…<\/h2>\n\n\n\n

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible.<\/p>\n\n\n\n

Donations to charities may be deductible<\/strong><\/h3>\n\n\n\n

Most contributions of cash or property made to a charitable organization are deductible as an itemized deduction on Schedule A, Form 1040, Itemized Deductions. Cash contributions include those made by check, credit card or debit card, as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization. Donations of property other than cash are generally deductible at their fair market value.<\/p>\n\n\n\n

Qualified charitable distributions<\/strong><\/h4>\n\n\n\n

Taxpayers age 70 \u00bd or older can make a qualified charitable distribution<\/a> directly from their IRA, other than a SEP or SIMPLE IRA, to a qualified charitable organization. The maximum annual amount a taxpayer may exclude from income for a QCD is $100,000. A QCD may also count toward the taxpayer\u2019s required minimum distribution for the year.<\/p>\n\n\n\n

Non-Cash Charitable Contributions are also a Great Resource for Tax Deductions while Helping Others<\/h4>\n\n\n\n

For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property contributed. The acknowledgment must say whether the organization provided any goods or services in exchange for the gift and, if so, must provide a description and a good faith estimate of the value of those goods or services. One document from the qualified organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgment requirement for all contributions of $250 or more.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible.<\/p>\n","protected":false},"author":1,"featured_media":4073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2022-11-18T02:10:30Z","apple_news_api_id":"35a315ab-5607-44bf-8674-bbb323e0dfc5","apple_news_api_modified_at":"2022-11-20T12:55:11Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/ANaMVq1YHRL-GdLuzI-DfxQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=4072"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/4072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/4073"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=4072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=4072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=4072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}