Key Takeaways:
- Giving Away Valuable Stuff Can Save You Taxes If you donate things that have gone up in value, like stock or a car, you won’t have to pay taxes on the money they’ve earned — and you get a tax break for giving them away!
- Use a Special Giving Account (Donor-Advised Fund) This is like a charity savings account. You can put money in now (and get a tax break), then give it to your favorite charities later. Super flexible!
- Work with a CPA (Money & Tax Expert) A CPA can help you come up with smart ways to move your money around, so you save more on taxes and give in the smartest way possible.
- Make Giving Part of Your Bigger Money Plan It’s great to be generous, but it’s even better when it fits into your full money plan. That way, you can help others and keep your finances strong.
- CPAs Help You Give More and Save More With the right advice, you can help the causes you care about and still keep more of your money by paying less in taxes. That’s a win-win!
Chapters:
Timestamp Summary
1:50 Tax Benefits of Donating Appreciated Assets to Charity
3:57 Maximizing Tax Benefits Through Donor Advised Funds
6:57 Maximizing Tax Benefits Through Strategic Charitable Giving
9:04 Consult Advisors Before Implementing Investment Strategies
Powered by ReiffMartin CPA and Stone Hill Wealth Management
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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