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Giving Tuesday is December 3. While many people donate cash, charities also welcome stock donations. To receive tax benefits for donating private business shares, a donor must hire a qualified appraiser for a contribution of more than $10,000. And the donor must file the valuation report with the IRS if the shares are worth more than $500,000. To help withstand IRS scrutiny, the report should describe the property donated and its fair market value, state that the report was prepared for tax purposes, and identify the methods and data used. Our business valuation pros meet the education and experience requirements to be deemed “qualified appraisers” by the IRS. #Consulting #Risk #BusinessResiliancy #Manufacturing #Construction #Business #LitigationSupport #BusinessConsulting #ExpertWitness #InternalAudit #TrialConsultant #DataAnalytics #BVal

If you're considering gifting or donating stock in a privately held business, it's essential to have a Qualified Appraiser perform the valuation. The IRS requires strict adherence to regulations, as highlighted in the recent Estate of Scott M. Hoensheid case. A Qualified Appraisal, prepared by a Qualified Appraiser, ensures your valuation meets IRS standards, avoiding the risk of disallowed charitable deductions. This process includes a detailed report and adherence to accepted appraisal practices. Our insightful blog can help ensure your donations stand up to IRS scrutiny. Read it here: https://bit.ly/3Ytdk52 #CFGI #QualifiedAppraisal #CharitableDonations #ValuationServices #StockDonation #BusinessValuation #QualifiedAppraiser

Small Business and Charities Bill passed – $20,000 instant asset write-off The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was passed by Parliament on 25 June 2024. Among other things, the Act will implement the $20,000 instant asset write-off for assets first used or installed ready for use between 1 July 2023 and 30 June 2024. Virtual Audits www.virtualaudits.com.au

CHARITABLE GIVING: Small businesses are feeling more charitable in 2024. In fact, the number of Small Business Survey respondents who plan to?increase their giving (40.4%) jumped by nearly 20% from last year. Download NSB’s 2024 Small Business Survey at nsbank.com/survey. #nsbank #NSBsurvey #smallbusiness

From June, at least 1% of Fairbrother Agency revenue will be donated each year to charities. 1% of revenue is considered the gold standard for businesses, and I'm proud to be able to match that. Revenue rather than profit is used by the likes of 1% For The Planet, as profit is hard to pin down and easy to manipulate, depending on what accounting procedures you use. Revenue is much more precise, the only things I don't include are VAT (=sales tax) and currency conversion fees, but basically everything that comes into my bank account excluding tax counts towards the 1%.

From June, at least 1% of Fairbrother Agency revenue will be donated each year to charities. 1% of revenue is considered the gold standard for businesses, and I'm proud to be able to match that. Revenue rather than profit is used by the likes of 1% For The Planet, as profit is hard to pin down and easy to manipulate, depending on what accounting procedures you use. Revenue is much more precise, the only things I don't include are VAT (=sales tax) and currency conversion fees, but basically everything that comes into my bank account excluding tax counts towards the 1%.

It's #TaxTipFriday! ?? Did you know that some charitable donations are tax-deductible? Claim your deductions and get the most out of your tax return! Book a free consultation now: https://lnkd.in/gpzVVydz ?? 0468 584 412 ?? [email protected] ?? https://lnkd.in/gYAR2eH4 #TaxStore #TaxStoreGosford #taxseason #taxconsultants #taxexperts #taxrefund #EOFY

When itemizing your taxes, you can deduct up to 60% of your adjusted gross income (AGI) for cash donations to qualified charities or 30% for appreciated securities. To qualify, contributions must be made by Dec. 31. If you don’t itemize, consider a strategy called bunching—combining several years’ charitable donations into one year to maximize deductions, then skipping deductions in following years. This method can help you strategically optimize your tax savings. Ready to optimize your tax savings, contact [email protected] #taxdeductions #charitablecontributions #taxoptimization #taxsavings #AGI #itemizeddeductions #nonitemizeddeductions #taxplanning #taxstrategy #taxmaximization

Considering a charitable donation before year-end? Donations not only make a positive impact but can also reduce your taxable income if you claim them. To make the most of your giving, keep records of all contributions, including receipts for donations over $20, which are eligible for a tax credit. Unsure how to incorporate charitable giving into your tax strategy? Book a consultation with me, and we’ll ensure you’re optimizing your tax benefits while giving back! #CFOservices #SmallBusinessAccounting #BusinessStrategy #FinancialAdvisory #AccountingExpert #CashFlowManagement #FinancialPlanning #BusinessFinance #TaxPlanning #BookkeepingServices #BusinessGrowth #FinancialHealth #AccountingTips #Controller4Hire #Profitability #TaxStrategy #FinancialConsultant #EntrepreneurFinance #BusinessOwnerTips #SMBfinance #AccountingSolutions #BusinessAdvisor #FinanceLeadership #GrowthStrategies #CPAservices

??Did you know? Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025. As a result, about 90% of individuals filing a tax return are now taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of the most common tax-deductible charitable contributions that can be claimed is the donation of household goods and used clothing to qualified charities. #TaxTips #WithholdingCheck #ComplianceExperts #NonProfitSupport #TaxExempt #BankFinancing #BuisnessConsulting #BusinessGrowth #ConsultingExperts #AMAConsulting #ActionablePlans #BusinessSuccess #FinicialPlanning #Priorities #TaxPlanning #BusinessConsulting #ProfessionalService #IRS #ERC