At Ark, philanthropy is a pillar of our culture for us, and our clients. Charitable giving is tax efficient now more than ever thanks to the CARES Act. Did you know you can now offset your income 100% by donating to charity?(If you’re retired and still receiving distributions.)
NOTE: Charitable giving is not tax-deductible to the extent it would put the taxpayer in a loss position.
In addition to cash donations, you can also deduct up to 25% of your adjusted gross income by donating to your local food bank. Congress is doing its part to reward you for your generosity, and keep charitable organizations afloat.
For structuring your contributions tax efficiently, Connect with us.