Opportunities for Charitable Giving

Posted by Seidel Schroeder on Dec 18, 2023 2:22:44 PM

As the close of 2023 approaches, it is a great time to consider a charitable donationwhich has the potential to make a big impact...

As the close of 2023 approaches, it is a great time to consider a charitable donation
which has the potential to make a big impact while reducing your tax liability when
done with the right strategy. It is important to remember that donations must be
made by December 31, 2023 to qualify as a deduction for the 2023 tax year.

There are multiple factors to consider when making a donation to maximize your
charitable impact and reduce your taxable income. We can help you understand
the impacts of how, what, and when you give.


Options for Giving:


1. Giving Cash/ Wiring Funds directly to a 50l(c)(3) Public Charity

2. Giving Appreciated Securities (stocks, bonds, etc.) to 50l(c)(3) Public
Charity: Giving appreciated securities with long-term capital gains
may provide more tax benefits than a cash donation. You'll receive
the full value of the securities for a tax deduction and no tax is paid
on any gains realized by the charity.

3. Qualified Charitable Distributions (QCDs): If you are older than age
70 ½, giving from an IRA through a QCD can allow you to give cash
from your IRA to a public charity and satisfy your annual Required
Minimum Distributions (up to $100,000 per year).

4. Donor Advised Funds (DAF): DAFs are a great way for year-end tax
planning without having to identify the charities to receive the gifts.

5. Personal Foundations


If you are interested in making a charitable contribution this year, we would
like to help you achieve the most tax beneficial, high-impact donation. Please
call our office at your earliest convenience if you would like to discuss this or
any other tax matters.