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Smart ways for charity donations

 


You need to contribute to a Donor Advised Trust
. By donating to a donor an advised trust, you will then be able to separate tax planning from things like charitable gift decisions. If you choose to donate cash or things like appreciated securities to an account held at a brokerage firm or with a charity that functions like an escrow account for your charitable gifts, you will be able to get the potential charitable deduction in the year the wealth is donated to the donor advised trust and then also can subsequently advise the fund to disperse gifts to the charities of your choice at your preferred pace. You need to remember that donations to a donor advised trust would then beĀ  irrevocable and that gifts can only be made to IRS approved charities. If you were to need any more information, there are a million posts online about donor advised trusts to help you understand more. What you need to do is think of this strategy as a way of shifting charitable deductions into the year most beneficial for your tax planning and your taxes period. This may even help you evade taxes in the most humane way possible. Knowing how we need to do our best to save money seeing as times are hard. We need to keep in mind that by donating to charity strategically, you will not only help charity but yourself as well. You will save yourself loads of money and also be able to help. If you smartly donate your taxes, there’s a chance that gifts will also come to you. In the end, it all works out for both the charities and you as well. If you want to save yourself some money in the best way possible, this is the way to go. And who knows, karma is always around.

 

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