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Two established tax strategies can help you achieve this goal with the IRS for the 2024 tax year.
He said the funds you allocate to a DAF can be granted to any eligible IRS-qualified public charity.
He said this strategy can be beneficial for seniors with large investment gains in after-tax brokerage accounts.
This strategy has the potential save seniors a lot in taxes.
There are just a few simple steps to follow.
She said the charity must also be a qualified 501(c)(3) organization.
Which Approach Is Right For You?
The decision between these strategies often comes down to your income sources and asset composition, Ankeny said.
However, he said this isnt always the case no matter your filing status or tax bill.
Ultimately, he said the benefits of both strategies extend beyond those of simple cash donations.
He said this combination can offer maximum tax efficiency while providing you with giving flexibility.
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