Charitable deductions

The guidelines can help planners with charitably minded clients steer clear of compliance thickets and run-ins with the IRS.

The pandemic-related tax provision permits more people to deduct donations to qualifying charities on their 2021 federal income tax return.

Donor-advised funds increased their donations to charities last year in response to the COVID-19 pandemic, hitting the biggest levels in over a decade.

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.

Clients who own a business may be eligible for a 20% deduction as a result of tax overhaul. For those who don’t qualify, there are other savvy strategies

Economic factors like changes to the tax code are behind nearly a quarter of all recent giving, according to a new survey.

More than $37 billion flowed into tax-sheltered donor-advised funds in 2018, according to a new report.

Clients with children are advised to start saving early in a 529 plan to take advantage of the “tax-free or tax-deferred growth.”

Contribution limits in a Roth IRA could shrink for couples after marriage.

The tax law has made deducting philanthropic contributions more difficult, but there are ways to help clients reap benefits from their generosity.

The Pension Benefit Guaranty Corp. is facing a $54 billion deficit for insuring multiemployer plans in unionized industries, says the GAO report.