Archive for the ‘ Charitable Giving ’ Category
Be Sure About Charity’s Status
As Stephanie Strom recently wrote in The New York Times (“One-Fourth of Nonprofits Are to Lose Tax Breaks“), it’s now more important to ever to be sure about the the tax-exempt status of charitable organizations before making a contribution. Here’s the synopsis: At midnight on May 15, an estimated one-fifth to one-quarter of some 1.6 [...]
Responsible Estate Planning
I like seeing estate planning related articles in major news sources. They usually confirm that the practices I preach have real-world application, and they usually explain things plainly. Two recent, short articles–one in The Washington Post and the other in The Wall Street Journal–both fit the bill. In The Washington Post, Rosalind Resnick (Axxess Business Consulting) wrote “The Parental [...]
Deduction for Charitable Contributions by S Corporation
When a charitable contribution is made by an S corporation, the right to claim the charitable deduction passes through to the S corporation shareholders. This is significant because charitable deductions claimed by a corporation (that is, a C corporation) is limited to 10% of their annual net income (with carryover for up to 5 years). [...]