Gifts of grain

For farm operators, gifting grain directly, rather than selling the grain and making a gift from the proceeds, may provide very significant tax savings. Five keys: Contributing grain allows Donor to avoid sale of the commodity as income, while…

Life insurance & charitable giving

Here are four ideas for using life insurance as a charitable tool: 1.  Name Charity as the beneficiary of an existing life insurance policy Donor can name Charity as beneficiary of an existing life insurance policy. Simple! Also, it’s revocable;…

3 reasons today's Supreme Court case is important

Today’s U.S. Supreme Court case The United States Supreme Court ruled today, by an 8-1 margin, for an expansive reading of antidiscrimination law, holding Abercrombie & Fitch can be sued for failing to hire a Muslim woman who came to…

Even LeBron James can't do this.

Let's say you are LeBron James. And you/Lebron, volunteer often for your favorite charity. Can you deduct the value of your services? No, not even a superstar athlete can deduct the value of his services. The IRS does not allow a charitable…

Saving o' the green: a case study

Famous Irish writer Oscar Wilde said, “I have the simplest tastes. I am always satisfied with the best.” Here are a few of my best ideas about stretching your charitable dollar. Why not give now, rather than later? Let me tell you about…

Composer Wagner's birthday & the "quid pro quo" rule

A charitable donation is deductible to the extent the donation exceeds the value of any goods or services received in exchange. So what happens when you donate to your favorite charity and receive something tangible in return? This is the issue…