As the end of the year approaches this week, those considering charitable donations are reminded that rules prior to 2020 once again apply as it relates to taxes. Professional CPA with Van Maanen, Sietstra, Meyer & Nikkel in Pella Brett Nikkel says those who want to take advantage of charitable donation deductions should plan accordingly to ensure they do so effectively and efficiently. 

“Giving is certainly something that everybody should do, if you’re able, that’s great. And there’s some really good tax benefits that come along with doing some charitable giving too, but you want to make sure you do it in the most tax efficient way that you can if your goal is to save on some taxes. So, there’s a lot of different strategies out there, there’s donor advice funds, direct giving out of IRAs, timing of taxable donations. There’s a lot of strategy that comes along with making donations so that you can get the most tax benefit out of it.”

Those who want to take advantage of the benefit need to make donations by Tuesday evening.