(Newswire.net — January 7, 2016) Suisun City, California — With tax season approaching, Keith Towns, President of Emerge Financial Group in Suisun City, California, has timely advice on making charitable donations count on tax returns. Keith has been in the financial planning and accounting business for several decades, giving him unique insights into tax preparation strategies that maximize deductions. By carefully applying charitable donations, his clients can reduce their yearly tax burden, saving money and improving revenues while performing a valuable social service. “Not every charitable donation comes with important tax benefits,” says Keith. “It is crucial to do some homework before giving money to charities.” To learn more about Keith and his work serving clients throughout the San Francisco Bay Area, visit https://about.me/KeithTowns.
One of the most crucial aspects is to choose the right charitable organization. Certain organizations qualify as tax-exempt, and it is vital to check each organization for appropriate IRS determination letters. Places of worship are good bets, almost always qualifying as eligible to receive deductible donations. Second, when filing tax documents, it is extremely important to itemize every deduction using Schedule A on the Federal 1040 form. “There are many pitfalls when donating to charities in hopes of minimizing tax burdens,” Keith stresses. “An experienced tax preparer or financial planner can help clients navigate through the confusion.”
Towns has other strategies to keep in mind, especially the importance of obtaining a receipt for every donation a person makes to charities. While paper records are not required for filing taxes, they provide a solid defense against any potential audits. Also, donating appreciated assets such as stocks or other property that has increased in value has powerful implications for reducing tax burdens. “This method has two benefits: one can deduct the fair market value of the property and avoid paying any capital gains taxes at the same time,” says Keith. Finally, he advises that clients pay attention to the calendar, ensuring donations are made by December 31st to qualify for tax deductions in the same year. “Good intentions don’t count, as far as the IRS is concerned,” adds Keith. “You must get your donations in by the end of the year or they won’t qualify for tax deductions.” To learn more about Keith and his expertise in the financial planning field, visit https://www.crunchbase.com/person/keith-towns.
Towns is the President of Emerge Financial Group, a tax, accounting, and financial services firm based in Suisun City, California. His company provides expert financial services for corporate and individual clients, offering creative solutions and timely advice to protect valuable financial assets. Keith’s specialties include tax preparation, strategic financial planning, and financial reporting, giving his clients the benefit of his decades of experience and personalized service.
Emerge Financial GroupOne Harbor Center, Suite 280
Suisun City, California 94585