traderspoc Posted December 12, 2022 Report Share Posted December 12, 2022 End of the year giving! Partner with us to fund our women’s and girls woodworking classes in 2023 https://www.globalgiving.org/microprojects/empowering-women-and-girls-woodworking-classes-6/ Generate Tax Deductions To count toward your 2022 taxes, you must make contributions by Dec. 31, 2022. In a standard year, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions must itemize to take charitable deduction or do a QCD to get a tax deduction immediately. Give to Gift Have Hammer Will Travel A.C woodworking school offers you way to give in honor of someone else. This can be a great way to take care of last-minute holiday gifts, especially for someone hard to shop for. Give a gift in honor of them. . Offset IRA Taxes To offset IRA taxes, one option is to give up to $100,000 from your IRA directly to a qualified nonprofit by Dec. 31. This is also called a Qualified Charitable Deduction (QCD). Generally, a QCD is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 72 or over that is paid directly from the IRA to a qualified charity before Dec 31st 2022. If you are age 72 or older, IRS rules require you to take required minimum distributions (RMDs) each year from your tax-deferred retirement accounts. A QCD qualifies as your RMD. Take Advantage of Employer Matching Some employers match charitable donations, although they may place dollar limits and deadlines on charitable matches, such as Dec. 31. You might be able to get a match even if you’re not currently an employee—many employers match donations given by an employee’s spouse or a retired employee. Some companies match at rates of two Quote Link to comment Share on other sites More sharing options...
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