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Uniting financial guidance with human understanding.
Accounting should support decisions, not simply record outcomes.
Running a business means making high-stakes decisions that affect more than financial outcomes.
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501(c)(3) organizations are divided into two classes which are: private foundations and public charities.
Private foundations are any domestic or foreign organization described in section 501(c)(3) of the Internal Revenue code excluding organizations referred to in section 509(a)(1), (2), (3), or (4) which are referred to as public charities. These organizations have a single major source of funding (usually gifts from one family or corporation rather than funding from many sources) and most have as their primary activity the making of grants to other charitable organizations and to individuals, rather than the direct operation of charitable programs.
Goods or services include cash, property, services, benefits or privileges.
A donor advised fund is a separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor’s representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account.
Benefits of utilizing a DAF include (i) the ability to receive an immediate income tax deduction, (ii) avoid the capital gains tax on appreciated assets, (iii) appoint future generations to make grant recommendations to charities and others and more!
Qualified appreciated stock is stock that:
(i) Trades on an established securities market, and
(ii) Would have resulted in long-term capital gain if sold on the date of contribution
Individual Retirement Account is a retirement savings account in which income taxes on certain deposits and on all gains are deferred until withdrawals are made.
A Legacy IRA® assists those who are over 70.5 make gifts through their IRA while reducing taxes owed. It helps track Qualified Charitable Distributions (QCDs) to help ensure donors receive the full tax benefit and helps ensure accurate tax reporting.
The amount of money an individual must withdrawal from their IRA once they reach their required beginning date (RBD), which is age 73 (unless you were born in 1960 or later, which will make your RBD age 75).
A flat amount the IRS allows an individual to reduce taxable income if they do not itemize their deductions. It is based on your filing status, age and if you claim any dependents.
The withdrawal of funds from a qualified IRA for an individual over the age of 70 ½ that is donated directly to a qualified charity. This will eliminate the tax owed on the withdrawal. You can give up to $108,000.
An itemized deduction is an expenditure on eligible expenses (such as medical, taxes, interest and contributions) that can be subtracted from a person’s adjusted gross income (AGI) that reduces their tax liability.
