Many people in New York make a point of donating to charity each year. There is a wide range of tax-exempt organizations in the United States, whether they engage in educational and cultural programs, support charitable deeds or promote religious activity. However,...
Charitable Giving
What are the latest charitable contribution deduction rules?
Giving money to a New York charity has long been one of the very best ways to make a reliable deduction on your taxes. The rules for this sort of giving have been revised to reflect the latest tax standards. There are two new rules that you will need to pay close heed...
New rules for charitable tax deductions in 2021
Most taxpayers in New York understand that charitable giving contributes to significant tax savings. When they make donations, they are eligible to deduct the costs on their tax returns. For the 2021 tax year, special rules and benefits were extended to taxpayers who...
Can you give life insurance as a charitable gift?
A charitable gift life insurance is a life insurance policy with a charity registered as the beneficiary. The donor pays the premiums on the life insurance policy, intending for the proceeds to go to the chosen charitable organizations. Any charitable beneficiaries...