Thanks for the reading the 25 Days of Giving series…almost as good as this whiskey advent calendar, am I right? Each day through Christmas, I’m covering different aspects of charitable giving for both donors and nonprofit leaders. Have a topic you want covered or question you want answered regarding charitable giving? Contact me.
Sure, info on tax incentives is important and details on donating stock are interesting, but sometimes just a good quote has the power to spark giving. According to this study, 31% of ALL online charitable giving in the U.S. happens in the month of December! If you’re a nonprofit looking to increase end-of-year donations or even a donor seeking to inspire your friends and family to give charitably, these quotes could come in handy.
The true meaning of Christmas? Giving.
Giving makes you happy.
Not giving is not an option for the causes you care about.
Giving while you’re living means making a difference in the future.
Giving can be complex, but it doesn’t have to be. Enlist an expert to help you meet your giving goals.
Giving is a privilege
Giving “costs nothing.”
What you give is what you get.
Giving means a lasting legacy.
If you want to share one of these quotes, don’t hesitate to tag Gordon Fischer Law Firm on Facebook, Twitter, and Instagram.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/12/Plaid-Pattern-Christmas-Twitter-Post.png5121024Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-12-14 13:29:032020-05-18 11:28:4125 Days of Giving: 9 Quotes to Inspire Charitable Gifts
Thanks for reading the 25 Days of Giving series! Share with friends, family, & colleagues. Knowledge is indeed a “gift” when it comes to encouraging and maximizing smart charitable giving.
Headed to a holiday party this season? If it’s to celebrate/fundraise for your favorite charity, you might experience an auction (silent or otherwise). Charity auctions can be great fun and it feels like you’re giving back while also gaining a great gift to tuck under the Christmas tree!
Sometimes charity auction participants mistakenly believe their successful bids are completely deductible. However, since the individual receives the auction property, there is usually nofederal income tax charitable deduction. But, if the bid can be shown to be in excess of the fair market value of the item, the amount in excess can be deducted as a charitable contribution.
The charity may make a “good faith estimate” of the fair value of the auction item before bidding commences.
Let’s look at a few easy examples:
Example 1. A $50 gift certificate to a retail store is purchased at charity auction for $40. No deduction.
Example 2. A different $50 gift certificate to the spa is purchased at the charity auction for $70. This generates a $20 charitable deduction.
Example 3. You bid on and win a fruit basket for $30 at an auction supporting a local high school basketball program. The equivalent fruit basket at a local grocery store would cost $15, so you may receive a $15 tax deduction.
Unsure if your actions at a charity auction mean a charitable deduction? It’s always a good idea to get a second opinion. Also, if you’re a nonprofit leader planning on hosting a charity auction it’s advantageous to be briefed on all the tax and legal rules surrounding the event in case donors ask. I’m always happy to help and offer a free one-hour consultation. Reach me by phone at 515-371-6077 or by email at gordon@gordonfischerlawfirm.com.
If you’ve been reading along with the 25 Days of Giving Series throughout December, thank you. If you’ve happened upon the GoFisch blog just now, welcome! I hope to see you back here often.
Giving for the sake of giving is great, however it’s financially wise to make certain your charitable donation is also beneficial in terms of your taxes.
Charitable gifts are defined by the IRS, at least for the purpose of qualifying for a charitable deduction from federal income tax. A review of statutes and caselaw show that the IRS attributes several major characteristics to charitable gifts:
Charitable intent
There must be a clear and unmistakable intention on the part of the donor to absolutely and irrevocably to divest herself of both title and control of the property.
Irrevocable transfer
The irrevocable transfer of the present legal title and dominion and control of the entire gift to the charity so that the donor can exercise no further act of dominion and control over it.
Delivery
The donor must deliver the gift to the charity. (Delivery can be made through a number of ways. This could be hand-delivered, like dropping off a check. It could also mean a secure electronic payment made on the charity’s website. In the case of charitable gifts of grain this could mean physically delivering the grain to a specific silo.)
Acceptance
The charity must accept the gift. For instance, you may want to donate part of your modern art collection to your favorite nonprofit, but if the nonprofit doesn’t have the resources to accept or doesn’t want the collection for some reason, it’s not a charitable gift.
Qualified organization
The donee must be an organization recognized as charitable by the IRS. You can use this IRS online search tool for organizations to see if the charity you’re considering donating to is recognized as tax-exempt.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2015/05/joanna-kosinska-392327.jpg40166016Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2019-12-11 08:13:022020-05-18 11:28:4125 Days of Giving: Charitable Gifts Defined
25 Days of Giving: 9 Quotes to Inspire Charitable Gifts
Charitable Giving, NonprofitsThanks for the reading the 25 Days of Giving series…almost as good as this whiskey advent calendar, am I right? Each day through Christmas, I’m covering different aspects of charitable giving for both donors and nonprofit leaders. Have a topic you want covered or question you want answered regarding charitable giving? Contact me.
Sure, info on tax incentives is important and details on donating stock are interesting, but sometimes just a good quote has the power to spark giving. According to this study, 31% of ALL online charitable giving in the U.S. happens in the month of December! If you’re a nonprofit looking to increase end-of-year donations or even a donor seeking to inspire your friends and family to give charitably, these quotes could come in handy.
The true meaning of Christmas? Giving.
Giving makes you happy.
Not giving is not an option for the causes you care about.
Giving while you’re living means making a difference in the future.
Giving can be complex, but it doesn’t have to be. Enlist an expert to help you meet your giving goals.
Giving “costs nothing.”
What you give is what you get.
Giving means a lasting legacy.
If you want to share one of these quotes, don’t hesitate to tag Gordon Fischer Law Firm on Facebook, Twitter, and Instagram.
25 Days of Giving: Charity Auctions & Tax Deductions
Charitable Giving, Nonprofits, Taxes & FinanceThanks for reading the 25 Days of Giving series! Share with friends, family, & colleagues. Knowledge is indeed a “gift” when it comes to encouraging and maximizing smart charitable giving.
Headed to a holiday party this season? If it’s to celebrate/fundraise for your favorite charity, you might experience an auction (silent or otherwise). Charity auctions can be great fun and it feels like you’re giving back while also gaining a great gift to tuck under the Christmas tree!
Sometimes charity auction participants mistakenly believe their successful bids are completely deductible. However, since the individual receives the auction property, there is usually no federal income tax charitable deduction. But, if the bid can be shown to be in excess of the fair market value of the item, the amount in excess can be deducted as a charitable contribution.
The charity may make a “good faith estimate” of the fair value of the auction item before bidding commences.
Let’s look at a few easy examples:
Example 1. A $50 gift certificate to a retail store is purchased at charity auction for $40. No deduction.
Example 2. A different $50 gift certificate to the spa is purchased at the charity auction for $70. This generates a $20 charitable deduction.
Example 3. You bid on and win a fruit basket for $30 at an auction supporting a local high school basketball program. The equivalent fruit basket at a local grocery store would cost $15, so you may receive a $15 tax deduction.
Unsure if your actions at a charity auction mean a charitable deduction? It’s always a good idea to get a second opinion. Also, if you’re a nonprofit leader planning on hosting a charity auction it’s advantageous to be briefed on all the tax and legal rules surrounding the event in case donors ask. I’m always happy to help and offer a free one-hour consultation. Reach me by phone at 515-371-6077 or by email at gordon@gordonfischerlawfirm.com.
25 Days of Giving: Charitable Gifts Defined
Charitable Giving, Taxes & FinanceIf you’ve been reading along with the 25 Days of Giving Series throughout December, thank you. If you’ve happened upon the GoFisch blog just now, welcome! I hope to see you back here often.
Giving for the sake of giving is great, however it’s financially wise to make certain your charitable donation is also beneficial in terms of your taxes.
Charitable gifts are defined by the IRS, at least for the purpose of qualifying for a charitable deduction from federal income tax. A review of statutes and caselaw show that the IRS attributes several major characteristics to charitable gifts:
Charitable intent
There must be a clear and unmistakable intention on the part of the donor to absolutely and irrevocably to divest herself of both title and control of the property.
Irrevocable transfer
The irrevocable transfer of the present legal title and dominion and control of the entire gift to the charity so that the donor can exercise no further act of dominion and control over it.
Delivery
The donor must deliver the gift to the charity. (Delivery can be made through a number of ways. This could be hand-delivered, like dropping off a check. It could also mean a secure electronic payment made on the charity’s website. In the case of charitable gifts of grain this could mean physically delivering the grain to a specific silo.)
Acceptance
The charity must accept the gift. For instance, you may want to donate part of your modern art collection to your favorite nonprofit, but if the nonprofit doesn’t have the resources to accept or doesn’t want the collection for some reason, it’s not a charitable gift.
Qualified organization
The donee must be an organization recognized as charitable by the IRS. You can use this IRS online search tool for organizations to see if the charity you’re considering donating to is recognized as tax-exempt.
Want to be sure your charitable gift is indeed a tax deductible charitable gift in the eyes of the IRS? What about charitable gifts or life insurance or a retained life estate? It certainly doesn’t hurt to take me up on my offer for a free one-hour consultation. Give me a call at 515-371-6077 or shoot me an email at gordon@gordonfischerlawfirm.com.