Whether the economy is growing or shrinking, people find a way to make charitable donations. Americans, in particular, give for two reasons: To provide support to an organization they are close to or care about, or to leave a legacy through their support.
We encourage you to consult with your tax advisor to discuss any and all tax-related strategies, options and deductions. Your tax advisor can help you to evaluate whether your charitable donation(s) is the right fit for your tax situation. Nothing in this communication is intended to constitute legal or tax advice.
In 2014, as the U.S. economy continued to steady, Americans gave an estimated $358.38 Billion to charity. The highest total in 60-years.
Charitable contributions also play a pivotal role in a well-conceived financial plan. They can enable your family to save on tax credits, generate an income stream and secure a significant amount of control over your wealth during life after death. The information below can help you get the most from your charitable giving strategy. It outlines common mistakes made when making charitable contributions
Although charitable contributions enable you use you wealth to further the ongoing work of organization, communities, causes that are important to you and provide you with tax benefits, these contributions come in various forms and must be documented with great care. The most common charitable giving mistakes are often overlooked by benefactors and can result in a loss of benefits.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG, LLC, to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. Copyright 2015 FMG Suite.