In this holiday season and beyond, you might be thinking of making charitable gifts. But can you still get some tax benefits with the standard deduction being so high that you may not be able to itemize?

Here are a few suggestions for tax-smart giving:

First, if you combine a few years’ worth of charitable gifts in a single year, you could surpass the standard deduction amount and then itemize deductions for that year.

And if you’re 70 ½ or older, you can transfer up to $105,000 from your traditional IRA to a qualified charitable organization, keeping this money out of your taxable income. This could prove valuable once you are required to take withdrawals from your IRA when you turn 73, or 75 if you were born in 1960 or later.

Another possibility is to establish a donor-advised fund, which you can direct to make periodic grants to selected charities. You get an immediate tax deduction for your contribution, and if you donate appreciated assets, you’ll avoid capital gains taxes.

Consult with your tax advisor before taking action on these strategies. If they’re appropriate for your situation, you and your favorite charities could benefit.

This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern. 

Member SIPC

Address:  2222 Fern St., San Diego CA 92104
Phone:  619-516-2744

Web: www.edwardjones.com/casey-caliva