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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments

The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial

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Will Inflation Hurt Stock Returns? Not Necessarily

Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on

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Maximize Your Charitable Impact with These Four Strategies

As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There

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Considerations for Charitable Giving

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Category: Charitable Giving Finances

The United States is home to thousands of charitable organizations that benefit everything from diabetes research to stray cats. These charities provide unlimited opportunities for people to contribute to organizations that support the causes that align with their philanthropic goals. A recent article describes how to plan for charitable giving.

An important part of charitable giving is balancing your philanthropic goals with your financial goals. Consider how to make your personal goals for charitable giving align with your overall financial plan. This consideration will help you determine how much you can realistically give.

Once you know what you can give, it is time to evaluate your giving options. Research various charitable organizations to find the one that best promotes your charitable goals. Realize that the best charity for you may be outside of your state, or even country, of residence. If you do not want to give funds directly to a charity, consider setting up your own foundation, donor-advised fund, or charitable trust.

It is also possible to donate your experience rather than money. Donations of time and human capital include serving on the board of a non-profit organization or sharing your professional expertise.

Increase the Value of Your Charitable Giving

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Category: Charitable Giving Estate Planning

As the economy continues to heal, charitable giving is again growing. Following two consecutive years of decline, charitable giving increased 3.8 percent from 2009 to 2010. According to nonprofit leaders, however, it could take years for charitable giving to return to pre-recession levels.  A recent article in InvestingDaily discusses strategies for those who are able to make charitable contributions to maximize the current and future value of the gifts transferred.

Property (Photo credit: mallix)

First, consider giving property that you know is going to appreciate. By gifting such property out before it appreciates, you remove that appreciation from your own estate. Gifting appreciable assets should happen early in the year so that any subsequent appreciation during the year will not count against your exclusion amount. Alternatively, you can also save on appreciation costs by giving an asset when it has a low market value.

On the other hand, it is wiser to retain “loss property.” If a piece of property decreases in value during your ownership of it (rendering it “loss property”), neither you nor a future recipient is allowed to deduct that loss upon gifting the property. A better choice would be to sell the loss property so that you can deduct the loss on your tax return, and then gift the cash instead.

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