With the holiday season upon us, I felt it the right time to discuss charity. In years gone by not only could you feel good about giving to charity but you could treat your good deeds as a tax write off.
With changes to the tax laws over the last several years it has become significantly more difficult for tax payors to qualify for a Schedule A which is where I would record your charitable contributions. These combined with mortgage interest, real estate taxes etc increase your deductions while lowing your taxes owed.
Absence of a tax write-off, I have been asked me over and over again why they should continue to give at the levels they presently do. This mind set has been proven to be the case across the country, with documented proof that giving to charities has been on the decline since the new tax laws have been in effect.
Until suggestion to my clients is to simply give because you feel good about helping your favorite causes and we will work together to find alternative ways to help you reduce your taxes owed.
At FBS Accounting, we work hard to look at every aspect of your finances in order to help you save money while protecting your assets. Schedule a free initial consult to discuss your taxes, how you may save money while still affording to give to your charities of choice!