Binghamton Law Blog: Covering Topics from Personal Injury to Estate Planning Law

Many people in New York have a renewed desire for peace of mind and meaning in the post-pandemic world. Charitable giving can help individuals express themselves by supporting issues they find important. Charitable gifts can positively impact your community and help at a time when many nonprofits are dealing with urgent financial needs. These five strategies can help you make informed decisions about directing your charitable gifts. Choosing the right asset Cash donations do not provide the...

Each year, many adults in New York prepare their tax returns. For the sizeable portion of people who itemize their deductions, they have many ways to lessen how much they pay back to the Internal Revenue Service (IRS). One way to reduce your tax-related expenses is by giving back to charitable organizations. Providing proof of charitable contributions The IRS requires proof of charitable contributions for taxpayers to deduct charitable donations from their income taxes. Without proof, it would...

You may be able to lower your tax bill by giving to charity, but the federal laws have reverted to what they were in 2020. Therefore, you must itemize your deductions on Schedule A to claim charitable donations. Furthermore, you can only take donations up to 60% of your adjusted gross income. Quid pro quo donations If you make a cash contribution but get something in return, you can only count the amount above what you would have generally given for the item. For example, if you spend $1,000...

A New York family foundation is generally a non-profit organization funded by donors to support public or private charities. These endowments are tax-deductible. Because these organizations may primarily consist of related family members, the IRS carefully audits the foundation's tax returns, the foundation's members, and their associates to ensure that they don't use the donated funds for personal enrichment. Here are some of the agency's stipulations. Five% rule Charitable giving is...