CHARITABLE PLANNING & FOUNDATIONS
CHARITABLE GIFTS
SUBSTANTIATION OF CONTRIBUTIONS
CHARITABLE FOUNDATION
Charitable giving is the act of donating money, time, or goods to organizations that provide assistance to those in need or work towards the betterment of society. Charitable giving is motivated by various factors, including a desire to help others, a sense of social responsibility, and the potential for tax benefits.
Charitable gifts c
Charitable giving is the act of donating money, time, or goods to organizations that provide assistance to those in need or work towards the betterment of society. Charitable giving is motivated by various factors, including a desire to help others, a sense of social responsibility, and the potential for tax benefits.
Charitable gifts can be made through your estate planning documents: Last Will & Testament, Revocable Trust or a Charitable Trust (Charitable Remainder or Lead Trust).
CHARITABLE FOUNDATION
SUBSTANTIATION OF CONTRIBUTIONS
CHARITABLE FOUNDATION
A charitable foundation is a type of not-for-profit corporation that usually provides funding and support to other no-for-profit organizations through gifts, grants, while also potentially participating directly in charitable activities. They provide an excellent means to leave a lasting legacy for generations to come.
SUBSTANTIATION OF CONTRIBUTIONS
SUBSTANTIATION OF CONTRIBUTIONS
SUBSTANTIATION OF CONTRIBUTIONS
For contributions of less than $250, donors must maintain bank records or written communications from the charity showing the organization's name, date and amount.
For contributions of $250 or greater, donors must obtain a "contemporaneous written acknowledgment" that includes whether any goods or services were provided in return and an
For contributions of less than $250, donors must maintain bank records or written communications from the charity showing the organization's name, date and amount.
For contributions of $250 or greater, donors must obtain a "contemporaneous written acknowledgment" that includes whether any goods or services were provided in return and an adequate description of the donated items.
For noncash contributions greater than $500, donors must complete Form 8283, and for contributions of $5,000 or greater a qualified appraisal.
TAX EXEMPT ORGANIZATION SEARCH
SUBSTANTIATION OF CONTRIBUTIONS
SUBSTANTIATION OF CONTRIBUTIONS
A method to determine whether an entity is tax exempt can be located on the IRS website at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search