It’s Better to Give and Receive :)
Investopedia Excerpt: “We all admire people who live the credo, “it’s better to give than receive,” but it might be even better to give and receive – especially when you can afford it and get the biggest tax benefit” by Alan Feigenbaum.
Sweeping Donations If you have plenty of money to go around, then give generously now if you wish. You can still maximize the cumulative amount you’ll be able to give for the rest of your life by careful planning in light of these tax facts and rules: •Outer Limits: Giving 50% of your adjusted gross income (AGI) might seem like science fiction, but if you and society are lucky enough that you can afford doing it, that’s the annual deductible limit. Furthermore, the total amount you can give to certain non-public charities, such as private foundations, is limited to 30% of AGI. (To read the full rules, see IRS Publication 526.) However, contributions that exceed those limits can be deducted over the next five tax years.
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