Giving to charity should be done wisely with taxes in mind

Daily News - As the end of the year draws closer, thoughts of year-end tax planning start to dominate those who plan ahead to take maximum advantage of what the IRS code has to offer.

Here is a list of some ideas to consider before the year's end.

Most assets we hold are in investments, real and personal property, retirement plans, insurance and even in intangible form. It makes sense, then, to consider property other than cash as a source for giving and perhaps helping to solve some personal financial goals.

The next step in considering charitable giving and its impact falls under the heading of planned giving. As Professor Russell James of Texas Tech University states, "Planned giving can do two things, reduce taxes and trade a gift for income."

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