Want to donate to charity as part of leaving behind a lasting legacy? Landmark Bank is able to help with several tools to assist with charitable donations while you are living as well as upon your death.
Importance of Tax Deductions for Charitable Donations
Charitable donations can have a significant impact on lowering your tax bills. To reap the benefits of tax deductions for charitable donations, IRS Form 1040 must be filled out and itemized, and records of the donations, including bank records, payroll deductions or written communications from the organization donated to must be kept on file. We highly recommend that you consult with your tax advisor in regards to charitable donations.
What Can Qualify for Tax Deductions For Charitable Donations?
Both monetary contributions and donations of property can be considered charitable donations, according to the IRS tax deductions are based on fair market value of contributed property.
While living, up to 50% of your adjusted gross income can be written off for charitable donations. Tax deductions for charitable donations are eligible when you donate to organizations like:
- Federal and local governments if contribution is used for public purposes
- Non-profit schools
- Public parks and recreation facilities
- Organizations like the Salvation Army, Red Cross, etc.
- War Veterans Groups
When deciding to donate to charity, it is important to assess what really matters to you. What causes do you support? What does your community need? The investment team at Landmark Bank can help you in determining how to donate to charity, and work you through all the potential tax benefits of doing so.
Donate To Charity after Death
Depending on your personal situation it may be in your best interest to note charitable donations in your will or trust, as doing so could generate income tax deductions for your heirs, because a charitable deduction can be made against the value of any estate taxes that may be due.
Want to help out the community around you while enjoying tax deductions for charitable donations? Want your family to potentially benefit from your gratitude and charitable donations years after you are gone? There are several options and methods for charitable donations. The investment professionals at Landmark Bank can provide advice around each of your options to get the greatest benefit and level of satisfaction both today and tomorrow.
Let us help you donate to charity or plan your legacy. Landmark Bank has personal investment advisors on hand at each of our branches in Missouri, Texas and Oklahoma ready to help you plan important charitable donations and more. Stop in today, or check out or many estate planning and investment options now.