It’s that time of year again where many of you are considering giving generously to help others. What are some of the best tax strategies for giving?
In this episode of the Finance For Physicians Podcast, Daniel Wrenne talks to Justin Harvey, a fellow Certified Financial Planner (CFP®) and founder of Anesthesia Success—a planning firm and podcast dedicated to helping anesthesia and pain physicians make successful career and financial decisions.
Topics Discussed:
- Charitably inclined? Uncle Sam encourages contributions to help everyone
- Science of Giving: Feels good when faith shapes financial plan/philosophy
- Giving Forms: Generously invest time, money, emotion for observable impact
- Is giving important? When? Giving imperfectly is better than not giving at all
- Standard vs. Itemized Deduction(s): Cultivate desire and mechanics of giving
- Charitable Contributions: Change from above- to below-the-line tax deduction
- Appreciated Securities: Giving a security that has unrealized taxable gains
- Taxable Accounts: Investment account type that has no inherent tax advantage
- Donor Advised Fund: Pros and cons of using the DAF strategy for giving
- Batched Giving: Strategically think about timing of gift based on tax situation
- Internal vs. External Factors: How will tax situations, brackets, policies change?
- Tax Impact: Qualified Charitable Distribution vs. Required Minimum Distribution
- Private Foundations: Give more meaningfully charitably to express generosity
