Business Planning with Legal Expertise: Ensuring Compliance and Success

October 27, 2023

You or your business might be missing out on thousands or even tens of thousands of dollars in tax breaks, rebates and other savings. In particular, West Monroe LA businesses and individuals that give to charities or engage in other philanthropic endeavors are positioned to take advantage of tax strategies.

At Niswanger Law, we specialize in minimizing your tax burden. We implement all relevant strategies related to charitable donations and philanthropic endeavors to benefit your finances.

Converting an IRA? Consider a Charitable Donation in West Monroe

Making a charitable donation has the potential to cancel out the tax cost of converting your IRA. If you plan on shifting your IRA from the traditional variety to one of the Roth variety, meet with our tax planning experts in West Monroe LA as soon as possible. We’ll guide you through the charitable donation process and evaluate additional opportunities to save money through charitable giving and philanthropic endeavors.

For instance, donating appreciated long-term securities to a charity reduces taxes. This strategy lessens the financial impact compared to if you had sold the stock, paid tax, and then donated the proceeds.

Give to a West Monroe, LA Charity Through DAFs

DAF, or donor-advised funds, are instruments used for charitable giving. Sponsored by public charities, DAFs allow efficient charitable contributions. Niswanger Law can help you harness DAFs for optimized charitable donations.

DAFs enable donors to make irrevocable contributions to public charities and qualify for immediate tax deductions. Over time, donors can also recommend grants from the fund to various charities. This centralizes charitable giving and simplifies tax recordkeeping.

As a donor, you can donate to the charity as desired and recommend grants to different charities according to your timeline. DAFs facilitate larger contributions to more charities than a single post-liquidation cash donation would.

Donate Real Estate in West Monroe, LA

If you own unutilized or unwanted real estate in West Monroe, LA, consider donating it. Niswanger Law assists with real estate donations to charities in West Monroe, LA, and beyond. Harness this strategy for tax benefits.

Donating real estate empowers you to take a tax deduction on the property’s fair market value as stated on a house appraisal that qualifies for approval. If you have a low cost basis on the house or property you are considering donating, rest easy as charitable groups do not have to pay capital gains taxes.

The Gift of Private Shares

Those who own shares of private businesses and no longer desire to retain those shares are encouraged to schedule an appointment with Niswanger Law’s tax planning attorney in West Monroe LA. Our team will help you donate your privately held shares to one or several charities.

The logic in donating the shares of privately owned stock in such a direct manner is that it sidesteps any potential capital gains taxes that would otherwise be triggered. Giving the gift of private shares creates a charitable deduction on year-end taxes. This is your opportunity to deduct the stock’s fair market value for considerable savings.

We would be remiss not to mention there is also the option of using the DAF as described above. Choose the DAF approach and you can retain shares until specifying the party that will receive them and the exact point in time at which they will be donated.

Schedule an Appointment With Niswanger Law

Are you maximizing your charitable giving and tax benefits strategies? Niswanger Law helps both businesses and individuals throughout the greater West Monroe LA area maximize their tax savings on charitable giving and philanthropic endeavors.