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The donor-advised fund is becoming a more popular vehicle for charitable giving under the recent tax law reforms. Among many changes, the new tax laws increase the standard deduction for both individuals and married couples, making it more beneficial for many taxpayers to simply take the standard deduction instead of itemizing and capitalizing on things like state and local taxes,…
Whether you have $1,000 to give or $1 million, your estate plan may include some type of planned giving to your favorite charitable organization. Planned giving at its most basic, simply means a donation that is made with consideration of the benefit to the recipient and to the donor (e.g. tax benefits) and possibly to future heirs as well. Often,…
Crowdfunding, at its simplest, is the funding of some cause or venture via a large number of small contributions. That is, the concept is to raise money by calling upon a large number of people to each make a small contribution. Clearly, this is not a new concept. After all, the humble idea of “taking up a collection” for something…
The Internal Revenue Service identifies some 29 different types of organizations that are exempt from federal income tax. In the most basic of terms, these are “nonprofit” organizations, or entities that exist generally for a purpose other than making money, and it is to nonprofits that we think about directing our philanthropy. While you may make donations to causes such…
This article originally appeared as a column for the Cleveland Jewish News. Every level of government, from the smallest municipality to the federal government, must tackle tax issues. Politicians, pundits and, of course, prospective tax payers will each weigh in, offering separate opinions as to how best to generate the funds the government needs to operate without breaking the back…
This article originally appeared as a column for the Cleveland Jewish News. Philanthropy happens at all levels of giving. Some donors are comfortable writing checks with one or two zeroes at the end. Others may add a few more zeroes or, perhaps, sponsor a table at a gala or donate a valuable item. But the pinnacle of philanthropic giving involves…
This article originally appeared as a column for the Cleveland Jewish News. Tax day is just around the corner, again. Whether you hire an accountant or prepare your own returns using one of the many available software programs, or even if you do it by hand, if you itemize your deductions you will want to compile a list of your…
This article originally appeared as a column for the Cleveland Jewish News. Just the other day I received a telephone call soliciting a donation for what sounded to be a worthy cause. I hadn’t heard of the organization before. So, I did the prudent thing and asked for more information so that I could look into it and make an…
This article originally appeared as a column for the Cleveland Jewish News. Most people prefer to direct their philanthropic dollars toward an existing organization that is dedicated to the cause of his or her choice. And, there is a very good chance your preferred cause is being serviced by at least one – and maybe many – organizations. GuideStar, perhaps…
This article originally appeared as a column for the Cleveland Jewish News. As another calendar year comes to a close, it’s time again for last-minute year-end tax planning. True, there is just over a month left in 2015, but there is still time to take advantage of some smart planning. Consider upping your retirement contributions to the maximum allowed amount.…