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Charitable Giving 101 – A 30,000 Foot Review of Giving

As we quickly close in on the end of another tax filing season, I thought it would be helpful to explain some of the basics of charitable giving as they relate to income tax.  Obviously, there are many different reasons people give to charitable institutions (i.e. a personal connection to a charity, religious beliefs, tax planning methods, etc.).  Whatever the reason you have to give, I hope this short discussion helps provide clarity and quality information as you plan ahead for taxes in 2017.   Giving Basics: One of the major tax planning tools that can be utilized is charitable giving.  When you give you to a qualifying charitable organization (501(c)3 organization), your contribution qualifies for a tax deduction that lands on Schedule A – Itemized Deductions.  You can give cash, real property, personal property, stocks, and many other different assets.  Most of your gifts (i.e. cash, most personal property, etc.)...
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Year-end Tax Planning Ideas

As we approach the end of the year, we thought we would put together some year-end tax planning ideas for you to consider.  This list is not intended to be exhaustive.  1.)    Mutual Fund Distributions: review the size of planned distributions at year-end. Treybourne Wealth Planners (TWP) is in the process of reviewing the distribution estimates for mutual funds that you may hold.  We are reviewing to see if it might be worthwhile to sell out of the fund before the distribution record date.  This would allow our clients to avoid the distribution and related tax where these funds are held in a taxable account.  We will also avoid purchasing new mutual funds where large distributions are anticipated.  2.)    Capital gains: reduce your liability through tax loss harvesting TWP is in the process of reviewing taxable accounts for holdings where an unrealized loss may exist.  We will analyze whether there is...
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609 Treybourne Drive, Suite B
Greenwood, Indiana 46142
Phone: 317-881-6670 (press 2)
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