If you’re a charity, you are likely doing all you can to help others and the last thing you on your mind is usually taxes. Despite being tax-exempt, charities still face specific tax issues. Luckily the IRS has created an online course to help.
Did you know that you could sell a business or a highly appreciated asset and not pay a dime in taxes? I know what you are thinking. Yes, it does sound too good to be true. However, this is not one of those cases. It is absolutely possible with a charitable remainder trust. Check out this video to find out how!
The Tax Triangle – a concept I utilize with our clients that we work with for years and years and years, But what is a Tax Triangle? It is a concept I use to illustrate where to position our money today so that we end up with the most favorable income coming to us in retirement… for tax purposes.
When it comes to philanthropic giving business owners are often at the top of the list. Giving allows them to experience personal satisfaction as well as shelter some of their proceeds from Uncle Sam. Not only do they give on a regular basis, but many of my clients want to give a portion of their proceeds to their favorite charity upon the sale of their business. These donors/business owners are firm believers that they need to give some of the proceeds to a charity. Those charities run the gamut. Some are based on religious beliefs, while others are merely philanthropic desires.