As the winter holiday season approaches and schedules become increasingly busy, it’s important to remember this year’s charitable giving deadline on December 31, 2024.

Supporting organizations not only benefits important causes but also provides tax deduction benefits. Here are key points to keep in mind when preparing charitable giving:

1. Qualified organizations: Contributions must be made to qualified charitable organizations to be eligible for a tax deduction. Donors can verify an organization’s status using the IRS’s online tool.
2. Documentation: Donors should obtain proper receipts or acknowledgment letters from charitable organizations for any contributions. This documentation is necessary for tax records.
3. Deduction limits: It’s important to be aware of deduction limits for charitable contributions. Generally, donors can deduct cash contributions up to 60% of their adjusted gross income (AGI) and non-cash contributions up to 50% of their AGI. However, these limits can vary based on the type of donation and the organization.
4. Deadline importance: Donations must be made by December 31, 2024, to be eligible for a deduction on 2024 tax returns. Waiting until after this date means donors won’t be able to claim the deduction until the following tax year.

By planning charitable giving thoughtfully, donors can maximize the impact of their donations while also benefiting from tax deductions. Those with questions or needing assistance with charitable giving strategies should consult their financial advisor or tax professional.

Thank you for reading!

The Trademark Capital® Team

This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice. Trademark Capital’s investment strategies are built using quantitative, proprietary algorithms that are designed to identify and react to changing market conditions. However, investors should be aware that no investment strategy or risk management technique can guarantee returns or eliminate risk in any given market environment. As with all investments, Trademark Capital Management’s investment strategies are subject to risk and may lose money. The investment strategies presented are not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Due to our active risk management, our managed portfolios may underperform during bull markets. Past performance is no guarantee of future results.