September 17, 2024 • 26 mins
About the Guest: Caden Gunnell
Caden is a Junior Partner at Strategic Associates, where he specializes in proactive tax planning and solution implementation for high-income earners, real estate investors, and successful entrepreneurs. With a background in business strategies and tax planning, Caden has been instrumental in connecting clients with innovative tax-saving solutions, such as leveraged charitable giving. His expertise ensures clients are well-positioned to maximize their tax benefits while contributing to worthy causes.
Episode Summary:
Welcome to episode 101 of the Teaching TaxFlow podcast where hosts John and Chris dive deep into the world of leveraged charitable giving with expert guest Caden Gunnell from Strategic Associates. This episode uncovers how leveraging charitable donations can significantly enhance tax deductions for high-income earners, making it a must-listen for anyone looking to optimize their tax strategies.
Leveraged charitable giving is a powerful tool for individuals, especially those with high W-2 incomes, to increase their tax efficiency and charitable impact.
Throughout the episode, Caden explains how individuals can turn a simple donation into a multi-fold tax deduction through strategic planning. Chris and Caden delve into the mechanics of this tax strategy, its benefits, the documentation required, and the types of clients who can benefit most from it. They emphasize the importance of having substantiation to avoid IRS scrutiny and explore how this strategy can fit into a broader tax optimization plan.
Key Takeaways:
- Leveraged Charitable Giving: This strategy involves using a certain amount of cash to create a larger donation value, effectively multiplying the tax deduction.
- Documentation and Compliance: Proper substantiation through official appraisals and gift receipts is critical to ensure compliance and maximize tax benefits.
- Eligibility and Benefits: Best suited for individuals with taxable incomes of $250,000 or more, this strategy is highly beneficial for those with a charitable inclination.
- Yearly Flexibility: Unlike some long-term commitments, leveraged charitable giving can be assessed and implemented on a year-by-year basis.
- Stacking Strategies: Leveraged charitable giving can be combined with other tax strategies to further reduce taxable income, especially for business owners.
Notable Quotes:
- "We're taking a certain dollar amount and creating a one to three, one to four, and sometimes as high as one to five donation." — Caden Gunnell
- "This isn't being done just to help someone save money in taxes. Anytime we're doing anything to save money in taxes, if that's our only goal, we're probably not doing the right things." — Caden Gunnell
- "Your tax insurance return shouldn't be a sprint; it should be a half marathon and something you think about all year round." — Chris Picciurro
- "The IR's is getting extremely more sophisticated and they are using AI and they are using technology to find anomalies." — Chris Picciurro
Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23
Hear more about how you can leverage your charitable donations to maximize your tax deductions by tuning into the full episode. Stay tuned for more insightful tips and strategies on the Teaching TaxFlow podcast!
- (00:03) - Leveraged Charitable Giving and Tax Strategies for high-earners
- (06:36) - Leveraging Charitable Giving for Maximized Tax Deductions
- (13:50) - Understanding Tax Strategies and Their Impact on Individu
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Intro (00:03):
Hey, everybody, and welcome back to the Teaching Tax
Flow podcast episode 101 today.We're gonna keep this train
going with the new trend ofdoing things on video and audio.
But before we do that, let'stake a brief moment and thank
our episode sponsor.
Ad Read (00:16):
This podcast is brought to you by Strategic Associates.
Are you a high income earner,real estate investor, or
successful entrepreneur who isfrustrated by having to pay
$75,000 or more of annual taxliability? If so, Strategic
Associates can help. Your firststep to saving 1,000, if not 100
of 1,000, is to contact RogerRoundy at roger@strategicag.net
(00:40):
or by calling 801 641-2956, andbe sure to tell them TTF sent
you.
John Tripolsky (00:47):
Hey, everybody, and welcome back to the teaching
tax flow podcast episode 101.Obviously, if you're watching
this on video, you can see we'vebeen doing things a little bit
different for a whole whoppingone episode before this. You
know, we figure we turn a 100.It's kind of a milestone year.
You know, it's about as manyyears as Chris has been
practicing taxes.
So, you know, we we got someexperience got some experience
(01:09):
in this game. And the topictoday, we are gonna look at
leveraged charitable giving. Wehave a great guest that Chris
can introduce here in a moment.You know, I just I figured the
longer I can talk, the less hecan come back at me with with a
dick for my, you know, my balljokes, my pickleball jokes, you
know, it being geriatric tennis,and, of course, how long he's
been taxed or practicing taxes.So I guess I'll let him I'll let
(01:33):
him say something.
How's it going, Chris?
Chris Picciurro (01:35):
John, it's I would say it's great to be back,
but, unfortunately, you're withus. It's just not Kaden and
myself. But we do need someoneto push the buttons and make us
sound good, so that's alright.We would love to have John back
on the pickleball courts. I havewitnessed this a couple times,
and, it's, the kids would sayit's cringe worthy, quite
frankly.
(01:55):
Yeah. But I think you do havesome potential. All of your
hockey background comes back.You know, you're you were, you
got in an altercation with amature age woman down in Florida
once, but that's a that'sanother episode.
John Tripolsky (02:07):
You know what? She she got into it with
herself. I just stood there andjust stared at her awkwardly.
Kinda like if you don't knowwhat this topic is. Right?
Like like, leverage charitablegiving. What in the world is
this thing? You know, I gotta Igotta transition out of this
somehow. Kaden, I know you'reprobably like, who in the world
did I commit to giving a podcastwith? And before you answer that
question, Chris, why don't yougo ahead and introduce this this
(02:29):
gentleman here to the world?
Chris Picciurro (02:31):
So I am very excited about this topic and
having Kaden as our guest, and,you know, obviously, the
Teaching Tax Flow podcastingcommunity is a very widespread
community, but sometimes I'mable to bring in people that I
work with on a weekly basis fromour private CPA practice and and
shed some light on some of thetax strategies that we use
(02:52):
within our private CPA practiceand other people in the teaching
tax law community that theaverage taxpayer is either not
familiar with or never exposedto and quite frankly, quite a
few tax professionals as well.John, you know, part of what I
do is I work with a couple ofquite a few tax professionals
and as far as in the mastermindgroup and in coaching. So it's
(03:15):
amazing how little tax planningknowledge there is out there,
and that's really the reason wewe do this. But, so we're gonna
talk today about leveragedcharitable giving. One of the
thing before I introduce ourguest, one of the things I
really like about this is that,we know that tax laws are
written to encourage anddiscourage certain behavior and
(03:35):
which one of the one of thethree laws of teaching tax flows
that tax agencies are yourinvoluntary business partner,
and we know that w you know,people with the high w two wages
are typically taxed at anextremely high marginal tax rate
and don't get to take anydeductions.
So your w two wages are taxed asgross income, rental income,
business income's taxed as yournet income, and there aren't a
(03:57):
lot of great strategies forpeople with a high amount of w
two wages. So that doesn't meanthat the strategy is only for
people with high w two wages.Alright. I will stop. I'm gonna
introduce, Caden Gunnell, fromStrategic Associates, and we are
really excited to have him.
Caden, thanks for joining us.
Caden Gunnell (04:18):
Hey. Thanks for having me, guys. I'm happy to be
here.
Chris Picciurro (04:21):
Now fun fact, Caden, didn't you just complete
a an impressive feat, a halfmarathon? Or or Define that
depends
Caden Gunnell (04:28):
who you're talking to. Depends who you're
talking to, man. It was it wasmy first half marathon. It's now
been 2 weeks, and I can finallywalk without pain, so that's a
good thing. But, yeah, no.
It it was a good time, somethingmy wife and I committed to,
like, probably only 8 monthsago. We jumped into it a little
quick. I had, I was nursing alittle bit of an Achilles injury
(04:50):
because I was just an uneducatedrunner. If you're a runner, you
know you can jump into it waytoo fast sometimes, but, I was
able to finish, made it through.That is great.
Chris Picciurro (05:01):
So Well, congratulations on that, and we
one of the things we talk aboutis that your tax return should
be a verb, not a noun. So yourtax assurance return shouldn't
be a sprint. It should be a halfmarathon and something to think
about all year round. So, well,tell us a little bit about
yourself. I know you justmentioned that you're you're
married and and also, give us agive us an introduction to what
(05:23):
leveraged charitable giving is.
Caden Gunnell (05:27):
Yeah. So, I'm Caden Goh. I'm a junior partner
here at Strategic Associates. Iget to kinda lean on the
credibility of my higher ups.For 15 years now, the partners
here have been not really everinvolved in the tax preparation,
but like you've mentioned,Chris, we're we take a proactive
approach to the planning side,and we consider ourself a
(05:49):
connector of solutions.
K? So, you know, our ourpractice, much like Chris, we
work together in helpingdiagnose the tax issue. And then
they're solving their find thetax issue and then diagnose the
solution. Right? Find the typeof income, what we can and what
we can't do, and then implementthe appropriate strategy.
We've got a team who studies thetax code, and they enjoy
(06:11):
studying it. That's not me. Ijust I I present, right, and I
connect you with the solutions.But one of those is, as you've
mentioned, leverage charitableGitmeid, which, not to beat a
dead horse, again, it it's very,very, powerful for our high w
two clients because, again, thatcharitable donation, much like
(06:32):
if I just donate my to mychurch, that's gonna be what we
call below the line on the taxreturn. Right?
It's on the personal side. Sothe income type really doesn't
matter. The difference, betweenjust a standard charitable gift
and one that we call that'sleveraged is if I was to just
take $100 and donate it to my tothe church. Let's just say I'm
just using the church as anexample. It could be anything.
(06:53):
It could be anything. Right.501c3 registered charity. Let's
say I gave a $100, in tithes.It's a one for 1 donation.
I donated them a $100. If I haveproof of that, I get a put that
on my personal tax return on onthat line item, and I get a a
deduction for that personaldonation. Right? With leverage,
(07:14):
we're gonna take the same $100and create a 1 to 3, 1 to 4, and
sometimes all the way as high as1 to 5. Donation, meaning I
could take the same $100 butcreate a $500 donation.
That's the mechanics on thenumbers. K? And and how we get
there is something we'llcontinue to discuss, but that
that's what that's what we'redoing is we're taking a certain
(07:34):
dollar amount. We're leveragingit to create a bigger donation.
Does that does that make sensein a simple form what it
Chris Picciurro (07:40):
is? Absolutely. It's it's kinda like, let's say,
you were trying to buy a home.Right? And you've saved a
$100,000, which is a huge hugeaccomplishment.
And you could shop for a homeand pay cash for the $100,000,
or you can put that $100,000 towork and get a mortgage and
increase your buying power up to500,000. So with leveraged
(08:01):
shared giving, what it's doingis it's really leveraging the
amount of cash that you'vesaved, that you've committed,
that if you're you havecharitable heart, which many,
many people do, they could putthat to use and get a larger,
donation deduction for that cashoutlay. So in Caden's example,
let's say someone was to donategood. Let's let's use a $100
(08:23):
just just for instance. Yeah.
Someone donates a $100. Let'sassume you can itemize your
deductions, and let's assumeyou're in the 25% marginal tax
rate. Now that that that couldvary because everyone's marginal
tax rate's different. There isno 25% marginal tax rate, but
that's to say there was. Andsome states actually give you a
(08:44):
deduction for charitabledonations as well.
So we've I mean, Kaden, we'veworked on cases where someone's
in 45 like, almost 50% marginaltax rate in certain states. You
know, John, we you know, we loveto throw California under the
bus, but we're gonna do itbecause it's gotta be enough. We
don't have to minimizedeductions, and they're at that
higher marginal tax rate. Butlet's say you're in the 25%
rate. What would happen is forthat $100 that you donated,
(09:05):
you'd receive But let's say Imean, if someone's itemizing,
let's say they're in the let'ssay they're in the 30%.
Let's just go with 30. Okay? K.They they put get put a $100 a
$100 under their charity. Thatwould reduce their tax taxable
income by a $100, and thenduring the 30% marginal tax
bracket, it would reduce theirtax by $30.
(09:29):
With leveraged charitablegiving, if they had if they got
a 5 to 1 deduction, meaning $100goes in, $500 deduction, you
multiply that by 30%, the taxbenefit now is a $150 for that
same $100 instead of $30. Am Iexplaining it okay, Kaden?
Caden Gunnell (09:50):
Yes. 100%. A 100%. I'm understanding. I'm
following.
And so go ahead.
John Tripolsky (09:56):
So that actually I had a question for you too. Go
ahead. No. You're good. I wasgonna say, here's a here's a
comment from the the peanutgallery, and this is always fun
because, again, I hang out withsmarter people.
So I get to ask the dumbquestions and justify it.
Caden Gunnell (10:07):
It's here.
John Tripolsky (10:08):
So it's for a lot of people, it may have this
may be the first time thatthey've heard of this. Right?
They're like, wait a minute.Okay. So leverage charitable
giving.
Kinda get a concept what it isjust by the name. Right? But
this is not it's a tax strategy.Right? It's not a well, if I
have a $100 here to give topastor Joe, I don't it's not me
giving a $100 and then himreceiving 500.
(10:31):
Right? So just to clarify a alittle bit there. Right?
Caden Gunnell (10:34):
Well and while and while it is while we do
wanna clarify that it is a a taxstrategy, any of these one
strategies, there is intrinsicvalue. Right? These are actual
registered charities. This isn'tbeing done just to help someone
save money in taxes. Anytimewe're doing anything to save
money in taxes, if that's ouronly goal, we're probably not
doing the right things.
(10:55):
Right? And so that there isintrinsic value here, but again,
utilizing leverage allows you toutilize less of your your cash,
but create a bigger gift on theintrinsic side because there is
gonna be a gift that's donated,whether it's cash or whether
it's an actual product, right,or a service, whatever it be.
You're gonna increase that gift,but then, yes, you are gonna, in
(11:16):
return, increase the tax savingsbecause you're utilizing less of
your cash to create a biggerdonation amount.
Chris Picciurro (11:21):
Right. So from a tax perspective, we we talked
we've talked before about thestrategy of don't we actually
had an episode, on noncashdonations. So if you Yes. You
have a noncash donation, you cantake a deduction for that, for
the fair market value of thatdonation. So if I was to inherit
some random painting, and itwent up in value and I donated
(11:45):
that in a in a real donation,right, this isn't me running
down to to, the Goodwill with ahalf a $1,000,000 painting
without a Right.
Right. And that's where we Iwould get a deduction for the
fair market value. So thecharity the people receiving the
the the benefit from the leveredshareable giving is getting
(12:06):
something with an economic valueof 5 times the cash that was
outlayed. Is that fair to say?
Caden Gunnell (12:12):
And it's determined and it's determined
via official appraisals, whichis one of the rules the IRS has,
as you know. Right? Therethere's gonna be appraisals in
certain forms and certainprocesses that need to be
followed. But whatever theservice, product, or cash,
right, whether it's cash ornoncash, right, the fair market
value based on that appraisal iswhat's gonna determine your
donation amount.
Chris Picciurro (12:33):
Absolutely. So let's talk about the donation
deduction. You know, we know sojust if you're listening right
now, it from a federal taxperspective, to to take
advantage of a charitabledonation deduction, that's a
mouthful, you have to itemizeyour deduction. Right? And Yes.
(12:54):
It is limited, though. It'slimited to 50% in general of
your adjusted gross income.That's the in general. So in
other words, if your adjustedgross income is 6 yeah. In
general, $600,000, the maximumcharitable deduction, even if
you gave away 6 all $600,000 youearned, you would only get a
deduction for 300,000.
(13:16):
You just get Correct. In thecurrent year. Now a guy like
John, who is very charitable,I'm sure he gives away all of
his income. Now if you wouldissue that, it doesn't mean that
that the additional $300,000goes away. It actually carries
forward to the next year.
So if you're in a situation, andwe've had clients that this
(13:36):
happened where, because whenyou're doing tax planning,
you're always shooting a movingtarget. And at their donation,
they give away a little over 50%of their their taxable or
adjusted gross income. Itdoesn't go buy buy. It just
carries forward to the nextyear.
Caden Gunnell (13:50):
Yep. Just to the next year. And so you you can
miss the mark a little bit. Ifyou overshoot, it's totally
fine. It carries forward to thenext year.
John Tripolsky (13:58):
Mhmm. And these are great to hear that, you
know, these strategies exist.Right? A, that somebody
understands them enough toobviously explain them to
people, but then trying tofigure out how they fit into
specific situations for specificindividuals, let alone comfort
level with certain stuff. And, Imean, honestly, even just I
mean, like, everybody knows thatlistens to this and, Katie, we
(14:19):
would've spoke a little bitearlier.
You know, I've known Chris for24 ish plus years. And to be
totally honest, maybe even,like, 3 or 4 years ago, I
started to realize that, a, atax bracket is not really a a
thing, if you will. Tax day isnot really a thing, although it
my birthday is right aroundthere, so that's that's enough
(14:41):
holiday for it. That's a thing.Because, you know, let's go
throw let's throw that into themix.
But then also, like, taking, youknow, tax planning into account,
you know, I I feel like us, youknow, non tax people, we're just
kind of, conditioned if youwill, saying, hey. You know
what? Your taxes are what theyare. You can't really control
them. And through tax planningand strategies and individuals
(15:02):
like both of you gentlemen, youknow, being able to blend
strategies together being onething, but then also looking at
the picture and multiple peoplebeing involved in scenarios and,
you know, looking forward, youknow, looking back a little bit
as well, but you really get tocontrol, you know, as we
mentioned it or I think Chris isfamous for saying, you know,
control the relationship or ownthe relationship with the IRS.
(15:24):
You absolutely can, and you'renot, you know, you're not gonna
end up behind bars like Caponeor anything like that. It's this
is completely within the realmof the quote, unquote IRS
playbook. It's just it takesspecific individuals that know
it and understand it and cankinda keep you along that line.
Like, Kenny, you had mentioned agreat point as well. It's, you
know, the appraised value ofsomething.
(15:46):
So Chris's, you know, $1,000,000painting over there, he might
think it's worth a $1,000,000,but, you know, it might get
appraised at, you know, $24.85because, you know, he got out of
the McDonald's drive through inthe eighties. Who, you know, who
knows? He just, to him, it'sworth more than it really is,
but well, you you don't knowthat. Right? So, I mean, I
appreciate that being that thereis that process that needs to
(16:08):
get followed and that there'spretty strict, it sounds like,
guidelines and the processesinvolved so it keeps everybody,
you know, within the bounds of,you know, those that are set
forth by the IRS.
Chris Picciurro (16:19):
Let's talk about with Cadence some of the
rules a couple of the the nutsand bolts, of this type of
strategy and some of the type ofclients that they they work
with. Obviously, we work on alot of mutual clients like I
said, but they work with clientsand and taxpayers all over the
country. So for non cashdonations, we know that the
donation amount can't be morethan 50% of their adjusted gross
(16:40):
income in general. Correct. And,you know, trying to paint the
picture of what avatar of who,like, who might this make sense
for, what are typically theminimum amount of contributions
as far as cash outlay thatsomeone, that would be
considering the strategy has tohas to commit?
So, typically, the minimums isgonna be no less than about
(17:03):
$25,000.
Caden Gunnell (17:04):
And if we use our example of 1 to 5 leverage, you
know, 25,000 would be creating a$125,000 donation. And so, we
wouldn't want any less incomethan about 250,000 of taxable
income. Because as a reminder,if you were a business owner, if
your w two is prettystraightforward, but if you had,
like, a gross of 500, if you gotafter your business expenses and
(17:29):
deductions, lowered that AGI,that taxable income to 2.50,
that's then when charitablekicks in. When we talked about
stacking strategies, we do helpour business owners do that.
We'll lower it as much as weethically and legally can within
the intent of the code withexpense deductions that are
available.
From there, you could then do acharitable to further reduce it
by another 50% generally. Makessense?
Chris Picciurro (17:51):
That's a great point. Great point, Gayden. And
I I'm gonna steal stacking. I'veused the term blending
Caden Gunnell (17:58):
Nice. Strategies,
Chris Picciurro (17:59):
but but, yes, I mean, because this isn't a
strategy that always has to livein a silo. So if you're looking
at this, your your w two wagesare taxable, let's say, just to
gross income, because it couldbe any type n. Yeah. It's
$250,000 or more, and you dohave a have a charitable heart,
(18:19):
and you're this is somethingthat you might wanna consider,
because at that point, again,you you can especially if you're
in a state that allows for aitemized deduction for a
donation, that then this issomething you wanna consider
because you would you would seea a good benefit from it. And
Mhmm.
So if someone does want topartake in, you know, and
(18:42):
leverage shareable giving, let'ssay, in 2024, is this something
that they would they would theywould need to do every year
indefinitely, or is there what'swhat's kind of the time frame
for that? When
Caden Gunnell (18:56):
it comes to the year that you're trying to get
the benefit, I should say, orthe year you're trying to
donate. Right? Right? Yeah. Justhas to be done like most
strategy.
The money has to be moved priorto the year's end. Right? Mhmm.
If you wanted to repeat it yearafter year, with a lot of our
strategies, it's you donate andyou're done. Right?
(19:16):
There's gonna be forms youreceive to prove the donation,
gift receipts, some of themdistribute k ones. Whatever it
be, though, that's gonna begiven to you before it's time to
prepare your tax return. So ifyou wanted to utilize the same
strategy the next year, our firmis constantly finding these
opportunities. At this point,we're actually having them
brought to us to where we vetthem out and we get super
(19:37):
comfortable, super confidentbefore we're ever gonna utilize
it as an option for a client,right, but yes, this is
something that could be doneyear over year.
Chris Picciurro (19:46):
Right. So it's something that you could do
every each year, but you don'trequire, you know, we've had
some business owners, and I'mnot saying that, you know, a
defined benefit plan isn't a badstrategy, it definitely can be a
good strategy. However, thattype of strategy typically is a
multi year commitment where thisis a year to year commitment.
Absolutely. And there there'sdifferent and then you made
(20:08):
another good point, Kaden, thatif you're if you're thinking
about leveraged charitablegiving, you know, if you work
with Kaden and myself or don'twork with us, make sure that
whoever you're working with oryou're even trying to to do
something on your own somehow,it's so important to have that
substantiation.
And that what that means is thatthose are documents, that are
(20:29):
provided to you at taxpreparation time that
substantiate the deductionlegally and ethically, meaning
qualified appraisal or thatunderlies maybe a k one form or
a donation receipt. It's notthat this isn't something you
should be doing willy nilly onyour own to slap on a number in
on your tax return. The IRS isgetting extremely, but more
(20:55):
sophisticated. And Yes. They areusing AI, and they are using
technology to to find anomalies,and, you know, if you do get
examined, you want to make surethere's nothing wrong with
taking a donation that you'reentitled to.
Just make sure that you have theproper documentation. Can you
kinda tell us about what aresome of the standard, you know,
(21:18):
as we kinda come to the endhere, what are the standard type
of documents someone shouldexpect if they're gonna, get
into Leveraged CharitableGiving?
Caden Gunnell (21:25):
Absolutely. Yeah. If you're gonna get into
Leveraged Charitable Giftingwith a a product that we connect
someone to, typically, you'regonna expect to see, a k one if
it's a, you know, a raise for apartnership that's actually
being utilized to purchase theproduct, as well as a gift
receipt. You're always gonna seean official gift receipt that
goes over how the fair marketvalue was determined. Those are
(21:47):
the number one things I wouldlook for.
There's a few other tax forms wecould there's actually a list.
It just depends on on theopportunity, but those are 2 of
the biggest ones. If we'redealing with cash donations, not
as much because fair marketvalue of cash, it's pretty easy
to determine. So it's reallyjust gonna be gift receipts in
that situation. But, yeah, withnon cash donations, look for,
(22:08):
typically to see a k one fromthe partnership as well as the
gift receipt itself.
Chris Picciurro (22:14):
No. We really appreciate it. Go ahead, John.
I'm sorry.
John Tripolsky (22:16):
No. You're good. And and one more question too
for you, Cadence. Obviously, nowwe're talking here to September
of 24. Say, I'm just hearingabout this.
Say, I do meet thequalifications. So what we had
mentioned, you know, 250 k orabove of taxable income. And
say, I just have been givingthroughout the year, say, I'm up
to, we'll just call it, 20,000throughout the year, 15,000.
(22:39):
Again, just hearing about this.So is there anything that I
might need to do different tomeet the qualifications of this?
Say, I'm like, you know what?I've been given all year. Crap.
I wish I heard about thisJanuary 1. Shoot.
Or is it really just based offof what you said? As long as
there's proper documentation inplace, this could be something
that started wherever throughoutthe year. Just You
Caden Gunnell (23:02):
can start where you're at. My my my advice would
be you start where you're at.And if it is something you're
just hearing about and thebeauty is we do have I mean,
we're talking in September. Iit's now September. That is
crazy to me.
Right. But but at least we'renot talking in November,
December when some of theseprograms do they do
oversubscribe, some of them fillup. And that's not just a do it
(23:24):
now tactic. That's just thereality. And so we if this is
something you're hearing for thefirst time, you feel like
someone that does, you arecharitably inclined, and Chris
is helping you out, especiallylet us know.
We'd love to look at yoursituation and find out if
charitable giving is right foryou.
Chris Picciurro (23:39):
Absolutely. I would say, yeah, if you're if as
we put a bow on it, if you're ifyou are charitable charitably
inclined and, you you know,you're at a income level of
$250,000 or more, Even if you'rea sliver less, you know,
remember that deduction cancarry forward. Yep. That's,
like, you know, inquire, and andit's something that I agree with
(24:01):
Caden. I mean, we've had,unfortunately, we've had people
that wanted to to move forwardwith tax strategies and were a
little too hesitant, and theboat left the the shore, and
unfortunately, some of the someof these strategies do get, you
know, fully subscribed.
But, yeah, this this has been aa a strategy that we've had
(24:21):
we've had people in ourcommunity use and and use it
happily. So, Kayden, thank youso much for coming on, and,
Yeah. And we'll we'll leave allof your contact information and
and some ways to reach out toyou, in our show notes and and
always in the teaching tax lawcommunity. Yeah. Absolutely.
John Tripolsky (24:38):
Thank you. Thank you, Kent. I appreciate it.
Yeah. I mean, the the besttestimonial to this, right, is I
knew the title of this show.
I knew nothing about it in fulltransparency. And now now I feel
like I can I can go on thestreet corner and tell everybody
about this thing? So you guysdid a great job of explaining it
to it really from both sides ofthe fence. So I appreciate that.
I know our our audience will aswell.
And and, Chris, to kinda echowhat you said as well. You know,
(24:58):
we'll put all the contactinformation as well as some
other resources in the shownotes. So on YouTube, you guys,
anybody that's watching this,it'll be in the description.
Spotify, Apple, anywhere youlisten to podcasts, you can
listen to the audio component ofthis It will be in the show
notes as well. We do have to cutit short because Chris has to
get to a hair appointment.
That's the that's the quiz foranybody that's actually watching
(25:20):
this. You'll get the joke. But,until next time as we close it
out with, we will see everybodyback here next week, roughly
about the same time, but adifferent topic here on the
Teaching Tax Flow podcast.
Disclaimer (25:36):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment adviser.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(25:57):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Hey, everybody, and welcome back to the Teaching Tax
Flow podcast episode 101 today.We're gonna keep this train
going with the new trend ofdoing things on video and audio.
But before we do that, let'stake a brief moment and thank
our episode sponsor.
Ad Read (00:16):
This podcast is brought to you by Strategic Associates.
Are you a high income earner,real estate investor, or
successful entrepreneur who isfrustrated by having to pay
$75,000 or more of annual taxliability? If so, Strategic
Associates can help. Your firststep to saving 1,000, if not 100
of 1,000, is to contact RogerRoundy at roger@strategicag.net
(00:40):
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you.
John Tripolsky (00:47):
Hey, everybody, and welcome back to the teaching
tax flow podcast episode 101.Obviously, if you're watching
this on video, you can see we'vebeen doing things a little bit
different for a whole whoppingone episode before this. You
know, we figure we turn a 100.It's kind of a milestone year.
You know, it's about as manyyears as Chris has been
practicing taxes.
So, you know, we we got someexperience got some experience
(01:09):
in this game. And the topictoday, we are gonna look at
leveraged charitable giving. Wehave a great guest that Chris
can introduce here in a moment.You know, I just I figured the
longer I can talk, the less hecan come back at me with with a
dick for my, you know, my balljokes, my pickleball jokes, you
know, it being geriatric tennis,and, of course, how long he's
been taxed or practicing taxes.So I guess I'll let him I'll let
(01:33):
him say something.
How's it going, Chris?
Chris Picciurro (01:35):
John, it's I would say it's great to be back,
but, unfortunately, you're withus. It's just not Kaden and
myself. But we do need someoneto push the buttons and make us
sound good, so that's alright.We would love to have John back
on the pickleball courts. I havewitnessed this a couple times,
and, it's, the kids would sayit's cringe worthy, quite
frankly.
(01:55):
Yeah. But I think you do havesome potential. All of your
hockey background comes back.You know, you're you were, you
got in an altercation with amature age woman down in Florida
once, but that's a that'sanother episode.
John Tripolsky (02:07):
You know what? She she got into it with
herself. I just stood there andjust stared at her awkwardly.
Kinda like if you don't knowwhat this topic is. Right?
Like like, leverage charitablegiving. What in the world is
this thing? You know, I gotta Igotta transition out of this
somehow. Kaden, I know you'reprobably like, who in the world
did I commit to giving a podcastwith? And before you answer that
question, Chris, why don't yougo ahead and introduce this this
(02:29):
gentleman here to the world?
Chris Picciurro (02:31):
So I am very excited about this topic and
having Kaden as our guest, and,you know, obviously, the
Teaching Tax Flow podcastingcommunity is a very widespread
community, but sometimes I'mable to bring in people that I
work with on a weekly basis fromour private CPA practice and and
shed some light on some of thetax strategies that we use
(02:52):
within our private CPA practiceand other people in the teaching
tax law community that theaverage taxpayer is either not
familiar with or never exposedto and quite frankly, quite a
few tax professionals as well.John, you know, part of what I
do is I work with a couple ofquite a few tax professionals
and as far as in the mastermindgroup and in coaching. So it's
(03:15):
amazing how little tax planningknowledge there is out there,
and that's really the reason wewe do this. But, so we're gonna
talk today about leveragedcharitable giving. One of the
thing before I introduce ourguest, one of the things I
really like about this is that,we know that tax laws are
written to encourage anddiscourage certain behavior and
(03:35):
which one of the one of thethree laws of teaching tax flows
that tax agencies are yourinvoluntary business partner,
and we know that w you know,people with the high w two wages
are typically taxed at anextremely high marginal tax rate
and don't get to take anydeductions.
So your w two wages are taxed asgross income, rental income,
business income's taxed as yournet income, and there aren't a
(03:57):
lot of great strategies forpeople with a high amount of w
two wages. So that doesn't meanthat the strategy is only for
people with high w two wages.Alright. I will stop. I'm gonna
introduce, Caden Gunnell, fromStrategic Associates, and we are
really excited to have him.
Caden, thanks for joining us.
Caden Gunnell (04:18):
Hey. Thanks for having me, guys. I'm happy to be
here.
Chris Picciurro (04:21):
Now fun fact, Caden, didn't you just complete
a an impressive feat, a halfmarathon? Or or Define that
depends
Caden Gunnell (04:28):
who you're talking to. Depends who you're
talking to, man. It was it wasmy first half marathon. It's now
been 2 weeks, and I can finallywalk without pain, so that's a
good thing. But, yeah, no.
It it was a good time, somethingmy wife and I committed to,
like, probably only 8 monthsago. We jumped into it a little
quick. I had, I was nursing alittle bit of an Achilles injury
(04:50):
because I was just an uneducatedrunner. If you're a runner, you
know you can jump into it waytoo fast sometimes, but, I was
able to finish, made it through.That is great.
Chris Picciurro (05:01):
So Well, congratulations on that, and we
one of the things we talk aboutis that your tax return should
be a verb, not a noun. So yourtax assurance return shouldn't
be a sprint. It should be a halfmarathon and something to think
about all year round. So, well,tell us a little bit about
yourself. I know you justmentioned that you're you're
married and and also, give us agive us an introduction to what
(05:23):
leveraged charitable giving is.
Caden Gunnell (05:27):
Yeah. So, I'm Caden Goh. I'm a junior partner
here at Strategic Associates. Iget to kinda lean on the
credibility of my higher ups.For 15 years now, the partners
here have been not really everinvolved in the tax preparation,
but like you've mentioned,Chris, we're we take a proactive
approach to the planning side,and we consider ourself a
(05:49):
connector of solutions.
K? So, you know, our ourpractice, much like Chris, we
work together in helpingdiagnose the tax issue. And then
they're solving their find thetax issue and then diagnose the
solution. Right? Find the typeof income, what we can and what
we can't do, and then implementthe appropriate strategy.
We've got a team who studies thetax code, and they enjoy
(06:11):
studying it. That's not me. Ijust I I present, right, and I
connect you with the solutions.But one of those is, as you've
mentioned, leverage charitableGitmeid, which, not to beat a
dead horse, again, it it's very,very, powerful for our high w
two clients because, again, thatcharitable donation, much like
(06:32):
if I just donate my to mychurch, that's gonna be what we
call below the line on the taxreturn. Right?
It's on the personal side. Sothe income type really doesn't
matter. The difference, betweenjust a standard charitable gift
and one that we call that'sleveraged is if I was to just
take $100 and donate it to my tothe church. Let's just say I'm
just using the church as anexample. It could be anything.
(06:53):
It could be anything. Right.501c3 registered charity. Let's
say I gave a $100, in tithes.It's a one for 1 donation.
I donated them a $100. If I haveproof of that, I get a put that
on my personal tax return on onthat line item, and I get a a
deduction for that personaldonation. Right? With leverage,
(07:14):
we're gonna take the same $100and create a 1 to 3, 1 to 4, and
sometimes all the way as high as1 to 5. Donation, meaning I
could take the same $100 butcreate a $500 donation.
That's the mechanics on thenumbers. K? And and how we get
there is something we'llcontinue to discuss, but that
that's what that's what we'redoing is we're taking a certain
(07:34):
dollar amount. We're leveragingit to create a bigger donation.
Does that does that make sensein a simple form what it
Chris Picciurro (07:40):
is? Absolutely. It's it's kinda like, let's say,
you were trying to buy a home.Right? And you've saved a
$100,000, which is a huge hugeaccomplishment.
And you could shop for a homeand pay cash for the $100,000,
or you can put that $100,000 towork and get a mortgage and
increase your buying power up to500,000. So with leveraged
(08:01):
shared giving, what it's doingis it's really leveraging the
amount of cash that you'vesaved, that you've committed,
that if you're you havecharitable heart, which many,
many people do, they could putthat to use and get a larger,
donation deduction for that cashoutlay. So in Caden's example,
let's say someone was to donategood. Let's let's use a $100
(08:23):
just just for instance. Yeah.
Someone donates a $100. Let'sassume you can itemize your
deductions, and let's assumeyou're in the 25% marginal tax
rate. Now that that that couldvary because everyone's marginal
tax rate's different. There isno 25% marginal tax rate, but
that's to say there was. Andsome states actually give you a
(08:44):
deduction for charitabledonations as well.
So we've I mean, Kaden, we'veworked on cases where someone's
in 45 like, almost 50% marginaltax rate in certain states. You
know, John, we you know, we loveto throw California under the
bus, but we're gonna do itbecause it's gotta be enough. We
don't have to minimizedeductions, and they're at that
higher marginal tax rate. Butlet's say you're in the 25%
rate. What would happen is forthat $100 that you donated,
(09:05):
you'd receive But let's say Imean, if someone's itemizing,
let's say they're in the let'ssay they're in the 30%.
Let's just go with 30. Okay? K.They they put get put a $100 a
$100 under their charity. Thatwould reduce their tax taxable
income by a $100, and thenduring the 30% marginal tax
bracket, it would reduce theirtax by $30.
(09:29):
With leveraged charitablegiving, if they had if they got
a 5 to 1 deduction, meaning $100goes in, $500 deduction, you
multiply that by 30%, the taxbenefit now is a $150 for that
same $100 instead of $30. Am Iexplaining it okay, Kaden?
Caden Gunnell (09:50):
Yes. 100%. A 100%. I'm understanding. I'm
following.
And so go ahead.
John Tripolsky (09:56):
So that actually I had a question for you too. Go
ahead. No. You're good. I wasgonna say, here's a here's a
comment from the the peanutgallery, and this is always fun
because, again, I hang out withsmarter people.
So I get to ask the dumbquestions and justify it.
Caden Gunnell (10:07):
It's here.
John Tripolsky (10:08):
So it's for a lot of people, it may have this
may be the first time thatthey've heard of this. Right?
They're like, wait a minute.Okay. So leverage charitable
giving.
Kinda get a concept what it isjust by the name. Right? But
this is not it's a tax strategy.Right? It's not a well, if I
have a $100 here to give topastor Joe, I don't it's not me
giving a $100 and then himreceiving 500.
(10:31):
Right? So just to clarify a alittle bit there. Right?
Caden Gunnell (10:34):
Well and while and while it is while we do
wanna clarify that it is a a taxstrategy, any of these one
strategies, there is intrinsicvalue. Right? These are actual
registered charities. This isn'tbeing done just to help someone
save money in taxes. Anytimewe're doing anything to save
money in taxes, if that's ouronly goal, we're probably not
doing the right things.
(10:55):
Right? And so that there isintrinsic value here, but again,
utilizing leverage allows you toutilize less of your your cash,
but create a bigger gift on theintrinsic side because there is
gonna be a gift that's donated,whether it's cash or whether
it's an actual product, right,or a service, whatever it be.
You're gonna increase that gift,but then, yes, you are gonna, in
(11:16):
return, increase the tax savingsbecause you're utilizing less of
your cash to create a biggerdonation amount.
Chris Picciurro (11:21):
Right. So from a tax perspective, we we talked
we've talked before about thestrategy of don't we actually
had an episode, on noncashdonations. So if you Yes. You
have a noncash donation, you cantake a deduction for that, for
the fair market value of thatdonation. So if I was to inherit
some random painting, and itwent up in value and I donated
(11:45):
that in a in a real donation,right, this isn't me running
down to to, the Goodwill with ahalf a $1,000,000 painting
without a Right.
Right. And that's where we Iwould get a deduction for the
fair market value. So thecharity the people receiving the
the the benefit from the leveredshareable giving is getting
(12:06):
something with an economic valueof 5 times the cash that was
outlayed. Is that fair to say?
Caden Gunnell (12:12):
And it's determined and it's determined
via official appraisals, whichis one of the rules the IRS has,
as you know. Right? Therethere's gonna be appraisals in
certain forms and certainprocesses that need to be
followed. But whatever theservice, product, or cash,
right, whether it's cash ornoncash, right, the fair market
value based on that appraisal iswhat's gonna determine your
donation amount.
Chris Picciurro (12:33):
Absolutely. So let's talk about the donation
deduction. You know, we know sojust if you're listening right
now, it from a federal taxperspective, to to take
advantage of a charitabledonation deduction, that's a
mouthful, you have to itemizeyour deduction. Right? And Yes.
(12:54):
It is limited, though. It'slimited to 50% in general of
your adjusted gross income.That's the in general. So in
other words, if your adjustedgross income is 6 yeah. In
general, $600,000, the maximumcharitable deduction, even if
you gave away 6 all $600,000 youearned, you would only get a
deduction for 300,000.
(13:16):
You just get Correct. In thecurrent year. Now a guy like
John, who is very charitable,I'm sure he gives away all of
his income. Now if you wouldissue that, it doesn't mean that
that the additional $300,000goes away. It actually carries
forward to the next year.
So if you're in a situation, andwe've had clients that this
(13:36):
happened where, because whenyou're doing tax planning,
you're always shooting a movingtarget. And at their donation,
they give away a little over 50%of their their taxable or
adjusted gross income. Itdoesn't go buy buy. It just
carries forward to the nextyear.
Caden Gunnell (13:50):
Yep. Just to the next year. And so you you can
miss the mark a little bit. Ifyou overshoot, it's totally
fine. It carries forward to thenext year.
John Tripolsky (13:58):
Mhmm. And these are great to hear that, you
know, these strategies exist.Right? A, that somebody
understands them enough toobviously explain them to
people, but then trying tofigure out how they fit into
specific situations for specificindividuals, let alone comfort
level with certain stuff. And, Imean, honestly, even just I
mean, like, everybody knows thatlistens to this and, Katie, we
(14:19):
would've spoke a little bitearlier.
You know, I've known Chris for24 ish plus years. And to be
totally honest, maybe even,like, 3 or 4 years ago, I
started to realize that, a, atax bracket is not really a a
thing, if you will. Tax day isnot really a thing, although it
my birthday is right aroundthere, so that's that's enough
(14:41):
holiday for it. That's a thing.Because, you know, let's go
throw let's throw that into themix.
But then also, like, taking, youknow, tax planning into account,
you know, I I feel like us, youknow, non tax people, we're just
kind of, conditioned if youwill, saying, hey. You know
what? Your taxes are what theyare. You can't really control
them. And through tax planningand strategies and individuals
(15:02):
like both of you gentlemen, youknow, being able to blend
strategies together being onething, but then also looking at
the picture and multiple peoplebeing involved in scenarios and,
you know, looking forward, youknow, looking back a little bit
as well, but you really get tocontrol, you know, as we
mentioned it or I think Chris isfamous for saying, you know,
control the relationship or ownthe relationship with the IRS.
(15:24):
You absolutely can, and you'renot, you know, you're not gonna
end up behind bars like Caponeor anything like that. It's this
is completely within the realmof the quote, unquote IRS
playbook. It's just it takesspecific individuals that know
it and understand it and cankinda keep you along that line.
Like, Kenny, you had mentioned agreat point as well. It's, you
know, the appraised value ofsomething.
(15:46):
So Chris's, you know, $1,000,000painting over there, he might
think it's worth a $1,000,000,but, you know, it might get
appraised at, you know, $24.85because, you know, he got out of
the McDonald's drive through inthe eighties. Who, you know, who
knows? He just, to him, it'sworth more than it really is,
but well, you you don't knowthat. Right? So, I mean, I
appreciate that being that thereis that process that needs to
(16:08):
get followed and that there'spretty strict, it sounds like,
guidelines and the processesinvolved so it keeps everybody,
you know, within the bounds of,you know, those that are set
forth by the IRS.
Chris Picciurro (16:19):
Let's talk about with Cadence some of the
rules a couple of the the nutsand bolts, of this type of
strategy and some of the type ofclients that they they work
with. Obviously, we work on alot of mutual clients like I
said, but they work with clientsand and taxpayers all over the
country. So for non cashdonations, we know that the
donation amount can't be morethan 50% of their adjusted gross
(16:40):
income in general. Correct. And,you know, trying to paint the
picture of what avatar of who,like, who might this make sense
for, what are typically theminimum amount of contributions
as far as cash outlay thatsomeone, that would be
considering the strategy has tohas to commit?
So, typically, the minimums isgonna be no less than about
(17:03):
$25,000.
Caden Gunnell (17:04):
And if we use our example of 1 to 5 leverage, you
know, 25,000 would be creating a$125,000 donation. And so, we
wouldn't want any less incomethan about 250,000 of taxable
income. Because as a reminder,if you were a business owner, if
your w two is prettystraightforward, but if you had,
like, a gross of 500, if you gotafter your business expenses and
(17:29):
deductions, lowered that AGI,that taxable income to 2.50,
that's then when charitablekicks in. When we talked about
stacking strategies, we do helpour business owners do that.
We'll lower it as much as weethically and legally can within
the intent of the code withexpense deductions that are
available.
From there, you could then do acharitable to further reduce it
by another 50% generally. Makessense?
Chris Picciurro (17:51):
That's a great point. Great point, Gayden. And
I I'm gonna steal stacking. I'veused the term blending
Caden Gunnell (17:58):
Nice. Strategies,
Chris Picciurro (17:59):
but but, yes, I mean, because this isn't a
strategy that always has to livein a silo. So if you're looking
at this, your your w two wagesare taxable, let's say, just to
gross income, because it couldbe any type n. Yeah. It's
$250,000 or more, and you dohave a have a charitable heart,
(18:19):
and you're this is somethingthat you might wanna consider,
because at that point, again,you you can especially if you're
in a state that allows for aitemized deduction for a
donation, that then this issomething you wanna consider
because you would you would seea a good benefit from it. And
Mhmm.
So if someone does want topartake in, you know, and
(18:42):
leverage shareable giving, let'ssay, in 2024, is this something
that they would they would theywould need to do every year
indefinitely, or is there what'swhat's kind of the time frame
for that? When
Caden Gunnell (18:56):
it comes to the year that you're trying to get
the benefit, I should say, orthe year you're trying to
donate. Right? Right? Yeah. Justhas to be done like most
strategy.
The money has to be moved priorto the year's end. Right? Mhmm.
If you wanted to repeat it yearafter year, with a lot of our
strategies, it's you donate andyou're done. Right?
(19:16):
There's gonna be forms youreceive to prove the donation,
gift receipts, some of themdistribute k ones. Whatever it
be, though, that's gonna begiven to you before it's time to
prepare your tax return. So ifyou wanted to utilize the same
strategy the next year, our firmis constantly finding these
opportunities. At this point,we're actually having them
brought to us to where we vetthem out and we get super
(19:37):
comfortable, super confidentbefore we're ever gonna utilize
it as an option for a client,right, but yes, this is
something that could be doneyear over year.
Chris Picciurro (19:46):
Right. So it's something that you could do
every each year, but you don'trequire, you know, we've had
some business owners, and I'mnot saying that, you know, a
defined benefit plan isn't a badstrategy, it definitely can be a
good strategy. However, thattype of strategy typically is a
multi year commitment where thisis a year to year commitment.
Absolutely. And there there'sdifferent and then you made
(20:08):
another good point, Kaden, thatif you're if you're thinking
about leveraged charitablegiving, you know, if you work
with Kaden and myself or don'twork with us, make sure that
whoever you're working with oryou're even trying to to do
something on your own somehow,it's so important to have that
substantiation.
And that what that means is thatthose are documents, that are
(20:29):
provided to you at taxpreparation time that
substantiate the deductionlegally and ethically, meaning
qualified appraisal or thatunderlies maybe a k one form or
a donation receipt. It's notthat this isn't something you
should be doing willy nilly onyour own to slap on a number in
on your tax return. The IRS isgetting extremely, but more
(20:55):
sophisticated. And Yes. They areusing AI, and they are using
technology to to find anomalies,and, you know, if you do get
examined, you want to make surethere's nothing wrong with
taking a donation that you'reentitled to.
Just make sure that you have theproper documentation. Can you
kinda tell us about what aresome of the standard, you know,
(21:18):
as we kinda come to the endhere, what are the standard type
of documents someone shouldexpect if they're gonna, get
into Leveraged CharitableGiving?
Caden Gunnell (21:25):
Absolutely. Yeah. If you're gonna get into
Leveraged Charitable Giftingwith a a product that we connect
someone to, typically, you'regonna expect to see, a k one if
it's a, you know, a raise for apartnership that's actually
being utilized to purchase theproduct, as well as a gift
receipt. You're always gonna seean official gift receipt that
goes over how the fair marketvalue was determined. Those are
(21:47):
the number one things I wouldlook for.
There's a few other tax forms wecould there's actually a list.
It just depends on on theopportunity, but those are 2 of
the biggest ones. If we'redealing with cash donations, not
as much because fair marketvalue of cash, it's pretty easy
to determine. So it's reallyjust gonna be gift receipts in
that situation. But, yeah, withnon cash donations, look for,
(22:08):
typically to see a k one fromthe partnership as well as the
gift receipt itself.
Chris Picciurro (22:14):
No. We really appreciate it. Go ahead, John.
I'm sorry.
John Tripolsky (22:16):
No. You're good. And and one more question too
for you, Cadence. Obviously, nowwe're talking here to September
of 24. Say, I'm just hearingabout this.
Say, I do meet thequalifications. So what we had
mentioned, you know, 250 k orabove of taxable income. And
say, I just have been givingthroughout the year, say, I'm up
to, we'll just call it, 20,000throughout the year, 15,000.
(22:39):
Again, just hearing about this.So is there anything that I
might need to do different tomeet the qualifications of this?
Say, I'm like, you know what?I've been given all year. Crap.
I wish I heard about thisJanuary 1. Shoot.
Or is it really just based offof what you said? As long as
there's proper documentation inplace, this could be something
that started wherever throughoutthe year. Just You
Caden Gunnell (23:02):
can start where you're at. My my my advice would
be you start where you're at.And if it is something you're
just hearing about and thebeauty is we do have I mean,
we're talking in September. Iit's now September. That is
crazy to me.
Right. But but at least we'renot talking in November,
December when some of theseprograms do they do
oversubscribe, some of them fillup. And that's not just a do it
(23:24):
now tactic. That's just thereality. And so we if this is
something you're hearing for thefirst time, you feel like
someone that does, you arecharitably inclined, and Chris
is helping you out, especiallylet us know.
We'd love to look at yoursituation and find out if
charitable giving is right foryou.
Chris Picciurro (23:39):
Absolutely. I would say, yeah, if you're if as
we put a bow on it, if you're ifyou are charitable charitably
inclined and, you you know,you're at a income level of
$250,000 or more, Even if you'rea sliver less, you know,
remember that deduction cancarry forward. Yep. That's,
like, you know, inquire, and andit's something that I agree with
(24:01):
Caden. I mean, we've had,unfortunately, we've had people
that wanted to to move forwardwith tax strategies and were a
little too hesitant, and theboat left the the shore, and
unfortunately, some of the someof these strategies do get, you
know, fully subscribed.
But, yeah, this this has been aa a strategy that we've had
(24:21):
we've had people in ourcommunity use and and use it
happily. So, Kayden, thank youso much for coming on, and,
Yeah. And we'll we'll leave allof your contact information and
and some ways to reach out toyou, in our show notes and and
always in the teaching tax lawcommunity. Yeah. Absolutely.
John Tripolsky (24:38):
Thank you. Thank you, Kent. I appreciate it.
Yeah. I mean, the the besttestimonial to this, right, is I
knew the title of this show.
I knew nothing about it in fulltransparency. And now now I feel
like I can I can go on thestreet corner and tell everybody
about this thing? So you guysdid a great job of explaining it
to it really from both sides ofthe fence. So I appreciate that.
I know our our audience will aswell.
And and, Chris, to kinda echowhat you said as well. You know,
(24:58):
we'll put all the contactinformation as well as some
other resources in the shownotes. So on YouTube, you guys,
anybody that's watching this,it'll be in the description.
Spotify, Apple, anywhere youlisten to podcasts, you can
listen to the audio component ofthis It will be in the show
notes as well. We do have to cutit short because Chris has to
get to a hair appointment.
That's the that's the quiz foranybody that's actually watching
(25:20):
this. You'll get the joke. But,until next time as we close it
out with, we will see everybodyback here next week, roughly
about the same time, but adifferent topic here on the
Teaching Tax Flow podcast.
Disclaimer (25:36):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment adviser.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(25:57):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
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