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Strategies |
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Consider Charitable Contributions
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For taxpayers that itemize their deductions, there may be a great way to write off your charitable gifts. Instead of giving cash to your favorite charity, consider donating stocks that you purchased some time ago that are now worth more than their original purchase price. This way, you can deduct the full market value of the stock and you won't be hit with any capital gains taxes. Note that this strategy is only helpful when you donate stocks that are worth more than their original purchase price. For stocks that are worth less, you should consider selling them and using your losses to offset your gains.
Next: Think Before You Sell
This information is general
in nature and is not intended to constitute tax advice. Please consult
your tax advisor for more detailed information on tax issues and
for advice on your specific situation.
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