There’s more than one way to give to charity, and TaxPanacea Associates LLC can help you discover ways that your charitable dollars can make more of an impact.
If you’re contemplating making a large or an unusual gift (artwork, perhaps?), contact us prior to making the actual gift. We’ll help you determine what documentation you need and who needs to provide it. Since large charitable donations are often an audit flag, we’ll help you be certain that you have all the substantiation you’ll need to prove the value of your donation to the IRS.
If you’re thinking more along the lines of general charitable giving, you may be a perfect candidate for a Donor Advised Fund, which allows you to direct where your dollars go, but without an undue amount of paperwork.
And then there are those families who may wish to create a long-term philanthropic opportunity for not only current family members but also future generations, in which case a family foundation may be right for you.
Whichever direction you choose, we can also provide you with the tax filings you need, whether it’s Schedule A attached to your Form 1040, or a 990-PF for a private foundation, or a 990-T for a foundation that also has Unrelated Business Taxable Income.