We are more than halfway through the year but it’s not too late to start finding ways that can help lower your 2013 tax bill. Donations to charity are a tax deductible expense. These donations can reduce your taxable income and lower your tax bill, while helping others in the process.
Taxpayers are required to keep detailed records of their charitable contributions that must include the name of the charitable organization, the date of your contribution, and the amount of your contribution. Nonprofit organizations often provide donors with a written letter acknowledging the gift or with a receipt for the donation. (Save these documents!)
We also encourage our clients to look into opening a Fidelity Charitable Gift Fund. This is a a donor-advised fund program where donors who contribute to Fidelity Charitable, become eligible to take an immediate tax deduction. They then are able to recommend grants to be distributed to qualified nonprofit organizations. Their mission is to make charitable giving simple and effective.
To receive more information about the Fidelity Charitable Gift Fund please reach out to your team at Lighthouse Financial Advisors.