Surgent's Individual Charitable Planning: Philanthropy for Income Tax Return Reporting

Many individuals make contributions to religious, educational, scientific, literary, or other 501(c)(3) charities. For the purposes of tax savings, some forms of giving are more tax advantageous than others. Learn the tax implications on various types of donations and the tax strategies to minimize the tax. Gifts of appreciated non-cash assets may involve tax analysis and proactive planning. Learn how to help navigate charitable giving and properly report noncash charitable contributions on Form 8283. Other strategies involving QCDs (qualified charitable distributions) and donor advised funds will also be discussed.

Presented by Treacy Riiska

Accounting and finance professionals dealing with charitable contribution planning

• Be familiar with the tax implications on various types of donations and the tax strategies to minimize the tax
• Navigate charitable giving and properly report noncash charitable contributions on Form 8283

• Which organizations are qualified to receive contributions?
• Types of charitable contributions taxpayers can deduct
• The deduction for quid pro quo contributions
• Strategies for donating property that has decreased/increased in value
• Figuring the deduction for contributions of capital gain property
• Importance of timing when making contributions
• Considering QCDs if a taxpayer is at least 70 ½
• Specifics of donor advised funds
• Deduction may be limited to 20%, 30%, 50%, or 60% of adjusted gross income depending on type of property donated
• How to figure your deduction when limits apply
• Contribution carryovers when your donation exceeds limits
• What written statements should be received from qualified organizations?
• What records should taxpayers keep?
• Substantiation requirements for cash contributions of less than/more than $250
• Substantiation requirements for noncash contributions of less than $250 to over $500,000
• When does taxpayer need an appraisal?
• How and where to report contributions for individual income tax reporting

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