Well, here we are, the end of November! The sparkly lights, gingerbread lattes, and classic Hallmark moments are right around the corner, but this season isn’t just about decking the halls; it’s also the season of giving.
And hey, while you’re playing Santa, why not get some tax perks along the way?
Because let’s be real – giving feels good, but a little tax relief doesn’t hurt either!
Charitable donations are a double-whammy for you…
Yes, donating to charities warms your heart. You get to feel philanthropic, but did you know that you’re not just giving—you’re also getting? Yes. A great deal of giving is tax deductible. Give to a qualified charitable organization and shave off some taxable income. How’s that for holiday magic?
Make a list of organizations that tug at your heartstrings and align with your values. Once your list is all set, go ahead and make those donations before the year ends. You’ll be spreading cheer and padding your tax return all at once.
But hey, maybe charity starts at home for you. Totally get it! If you’re feeling generous toward family or friends, you can gift up to $15,000 per individual without worrying about a pesky gift tax. Yep, you read that right – $15,000 of generosity, tax free. Now, that’s what I call a win-win!
The last thing you want is to let your generosity trip you up at tax time. I mean, you don’t want to be the guy who thinks he’s gifting a masterpiece only to find out it’s a forgery, right? Taxes are tricky; don’t navigate them like you’re in a holiday maze blindfolded.
If you’re wading through the tax implications of your giving spree, then let’s have a call to get your plan right. My team and I can guide you on how to be the ultimate holiday hero while keeping Uncle Sam happy. So go ahead, reach out and discuss your plan and make sure your generosity is as tax-efficient as it is heartfelt.
So what are you waiting for? Unleash your inner Santa, and get that list going. The end of the year is nipping at our heels, and you’ve got good vibes to spread!
Wishing you a season filled with kindness, tax breaks, and a sprinkle of holiday magic!
All the best,