How do I maximize the tax deductions I can receive for my charitable donations in retirement? What retirement tax planning strategies can I use? Are there other ways I can distribute my charitable donations in retirement? In this video, we speak with Jessica Cannella, who discusses the most efficient strategies to maximize your tax deductions for your charitable donations.

00:00 Happy Holidays!
00:35 What We’ll Cover
01:32 Helping the Less Fortunate
02:32 Good News OHFG Can Help!
02:55 Charitable Giving Strategies
03:03 Donor Advised Fund
04:32 Qualified Charitable Distrubution
05:36 Donate Every Other Year
06:19 Donating Appreciated Securities
07:00 Where are you donating?
07:14 What are you donating?
08:04 Plan as Early as Possible!
08:40 Brookwood Community
10:03 Oak Harvest’s Charitable Giving!
12:23 Key Retirement Dates
13:00 Happy Holiday Season from Oak Harvest!

2023 Retirement Dates to Remember:

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Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.

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Retirement Tax Planning: How to Maximize Deductions for Charitable Donations in Retirement

As you approach retirement, tax planning becomes increasingly important in order to maximize your savings and ensure a comfortable financial future. One strategy to consider is making charitable donations, which not only benefit worthy causes but can also provide valuable tax deductions.

Under the tax code, individuals who itemize their deductions can deduct charitable contributions made to qualified organizations. This means that if you donate money, property, or other assets to a charitable organization, you can reduce your taxable income by the amount of your donation.

In retirement, maximizing deductions for charitable donations can be especially beneficial, as you may have more time and resources to give back to causes that are important to you. Here are some tips to help you make the most of your charitable contributions in retirement:

1. Plan ahead: Take the time to research and identify the organizations you want to support. By planning ahead, you can make larger donations to a few key causes, which can result in a bigger tax deduction.

2. Donate appreciated assets: If you have stocks, mutual funds, or other investments that have increased in value, consider donating them to charity instead of selling them. By donating appreciated assets, you can avoid capital gains taxes and receive a deduction for the full market value of the donated assets.

3. Consider a donor-advised fund: Donor-advised funds allow you to make a charitable contribution to a fund that can be invested and distributed to charities over time. By contributing to a donor-advised fund, you can claim a deduction in the year you make the contribution, even if the funds are not distributed to charities until a later date.

4. Take advantage of the qualified charitable distribution (QCD) option: If you are at least 70½ years old, you can make a charitable donation directly from your individual retirement account (IRA) to a qualified charity. This donation can count towards your required minimum distribution (RMD) for the year, which can lower your taxable income and result in tax savings.

5. Keep track of your donations: Be sure to keep accurate records of your charitable contributions, including receipts, acknowledgments, and any other documentation required by the IRS. This will help you maximize your deductions and ensure compliance with tax laws.

By incorporating charitable donations into your retirement tax planning, you can support causes that are important to you while also benefiting from valuable tax deductions. Consult with a financial advisor or tax professional to determine the best strategies for maximizing deductions for charitable donations in retirement. With careful planning and consideration, you can make a positive impact on your community while optimizing your tax savings.