Here are some tips when it comes to charitable giving: Special Holiday Column
As Pennsylvania investors take stock in their overall financial picture at the end of the year, it is a great time to assess which charities they’d like to contribute to. You will need to determine the best ways to pay for these contributions while considering their tax and income benefits.
Gifting can be a great way to offset a year with expected or unexpected high earnings or to address the tax implications of added income such as year-end bonuses. Generally, if you itemize your deductions, making charitable contributions can decrease your tax bill, and with higher tax rates for high-income earners, there is an even greater tax benefit.