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Tax Strategies for the 2010 Giving Season

December 1, 2010

I receive many calls and emails in these last few months of the year asking about last-minute tax deductions. One of the most popular deductions is charitable contributions. Unless your first name is Ebenezer, you probably don’t give to charity just to get a tax deduction (?); if you are charity inclined, there is nothing wrong with taking advantage of tax breaks designed to encourage giving.Charitable Giving

Here are some tax strategies for the 2010 giving season:

  • Use charitable contributions to reduce the tax hit from a ROTH conversion
  • Consider giving securities instead of cash
  • If you want to donate money from your IRA to charity, wait until the end of the year to take your withdrawal.
  • If you are a high-income taxpayer the expiration of the Bush tax cuts can affect your long-term giving strategies.

You know how much I love our troops overseas, here is information on how to give donations to them:

At GAI (www.gunwel.com) we want to help you receive every tax deduction you are entitled to receive. Give us a call at 212-979-6830 or stop by for a visit. See you soon!

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