Get a Jump-Start on Tax Time
3 Tips to Finish the Year Strong
The end of the year is a popular time for giving. It can also be one of the busiest times of the year.
If making year-end gifts is on your to-do list in these final months of 2020, save yourself time and hassle when the busy tax season arrives next spring by getting your records in order and keeping important dates in mind.
Tips for Year-End Giving
- Get (and keep) your documentation. Under the CARES Act, if you choose the standard deduction, you can deduct up to $300 in cash donations this year to qualifying charities. If you plan to itemize on your taxes, you’ll want to make sure you have the receipts for your charitable gifts. When you receive a receipt for your gift, keep it in a safe place. Whether you elect to take the standard deduction or itemize, it is a good idea to get receipts for every gift. Receipts are required for those over $250.
- Watch your dates. If you want your gift to count for 2020, the Los Angeles Regional Food Bank must receive your donation by the due date. While many gifts must be received by Dec. 31 to count for this year, some need to clear your bank or be postmarked well before then. Contact Roger Castle at [email protected] or 323-234-3030 x147 with questions about making your gift to support the Los Angeles Regional Food Bank before 2020 comes to a close.
- Involve professionals. If you are unsure how best to reach your philanthropic goals for this year, be sure to reach out to your tax advisor. They can answer any questions you have and help you get the most out of your giving.
Giving in 2020
To learn more about making a tax-smart gift to the Los Angeles Regional Food Bank before the year ends, contact Roger Castle at [email protected] or 323-234-3030 x147. Together with your advisor, we can find the best giving options for you.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.