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Deduct more for charitable gifts by giving less

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in Small Business Tax,Small Business Tax Deduction Strategies

The tax law gives you plenty of leeway to deduct contributions within generous limits. In fact, if you're like most donors, you probably aren't even aware that any limits exist.

Strategy: Keep your eye on the ball. If you're not careful, you could easily bump up against the tax-law limits when they interact with one another. In some cases, you could lose your deduction forever!

Write off up to half your income

For starters, you can deduct qualified charitable donations up to 50 percent of your adjusted gross income (AGI). Being able to write off contributions up to half your income is pretty generous right there. Your contributions must be to public charities, such as hospitals, churches, schools and the like; or private foundations. These are sometimes called "50 percent charities."

One caveat: If you give appreciated assets that you've held for more than one year to a 50 percent charity, your deducti...(register to read more)

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