Charitable deductions

Holders of donor-advised funds increased their disbursements last year in response to urgent demands for greater charitable contributions to cope with the COVID-19 pandemic.

While qualified contributions won’t necessarily give clients the biggest tax bang for their buck, there are exceptions to the rule, Jeffrey Levine writes.

The one-two punch of major tax laws passed within four months of each other creates some interesting puzzles for advisors to solve.

Depending on the economy and the election, they could be on the chopping block as soon as 2021.

Several significant changes are probably in store for next tax season.

Major donor-advised fund providers said they’re using webinars, podcasts, social media and emails to nudge clients to give.

Strategies include utilizing charitable trusts to split benefits between multiple beneficiaries and taking advantage of donor-advised funds.

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

The sweeping retirement legislation, called the Secure Act, is gaining plenty of headlines. One revision is being overlooked.

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.