In this year-end tax planning podcast, I cover two powerful charitable donation tax strategies that wealthy individuals use to reduce their tax liability by hundreds of thousands of dollars. If you're facing a big tax bill this year or want to implement proactive tax planning strategies before December 31st, this podcast tells you exactly how to use charitable donation strategies.
First, let's talk about the Donor Advised Fund (DAF) strategy. Forget the noise about opening your own foundation or nonprofit - I'll show you the SIMPLE way to get massive tax deductions. A Donor Advised Fund is like a bank account specifically for charitable donations that you control. Every dollar you put in can become a tax deduction on your personal tax return, and you decide how the money gets invested while it grows tax-free. Cash contributions are limited to 60% of your adjusted gross income, but that's still massive tax savings. Plus, with the new tax law, you can now deduct $1,000 if you're a single filer and $2,000 if you're married filing joint, even if you don't itemize.
The second tax strategy is appreciated stock donations, and this is where it gets really interesting. Why sell your winning stocks and pay capital gains tax when you can donate them instead? I break down how donating appreciated stocks, crypto like Bitcoin and Ethereum, or even artwork can get you a full fair market value deduction WITHOUT paying any capital gains tax. This is exactly how some wealthy individuals donate artwork - they buy art, get it appraised, and donate it for a tax deduction. The same tax strategy can potentially apply to Bitcoin, Ethereum, and any appreciated asset you've held over 12 months.
These donation tax deductions require itemizing on your tax return, so work with a qualified tax advisor to maximize your year-end tax strategies and ensure compliance with IRS regulations. If you need a year-end tax strategy, Donor Advised Funds combined with appreciated stock donations are the way to go. Just make sure you're not trying to be your own donor or opening foundations without a real purpose - that's when you can run into IRS issues.
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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this ...
