Law Offices of Connie Yi, PC
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at (925) 484-0888 or email us directly at [email protected] to schedule the consultation.

View Our Practice Areas

How gifting can help you save on taxes

Everyone wants to lower the amount of taxes they are required to pay in a year and get that maximum refund in the spring. With filing season upon us, you may be thinking of ways to get the most bang for your buck this year - while avoiding the dreaded IRS audit.

Charitable giving is a great way to save money on taxes. In addition to doing something great for the needy in your community, you get to feel even better about your contribution when tax time rolls around. And you don't need to give so much that you put yourself in debt. Focusing on how you give to charity can save you big.

Like anything you claim on your taxes, charitable donations must be well-documented. Many charitable organizations will provide you with a receipt at the end of the business year. Hold on to it. To be safe, it is also wise to pay by check and make a note in the memo line, as check stubs qualify as written documentation.

If you are able it is wise to save up your charitable giving and make several years' worth of donations at once. This maximizes your deduction and may pay off more than making several smaller donations over the course of many years.

If you are considering making a significant change to how you handle your taxes, there may be consequences that you cannot foresee. It is always wise to consult with someone who knows the law, such as a financial advisor or qualified tax attorney. He or she can advise you of relevant tax law and help you plot the best course of action.

Source: Law & Daily Life, "Best Ways to Use Charity to Lower Your Taxes," Deanne Katz, Dec. 21, 2013

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Email Us For A Response

Office Locations

Law Offices of Connie Yi, PC
323 Ray Street
Pleasanton, CA 94566

Phone: 925-484-0888
Pleasanton Law Office Map

19925 Stevens Creek Blvd
Suite 100
Cupertino, CA 95014

Toll Free: 888-312-6978
Map & Directions

San Francisco
490 Post Street, Suite 508
San Francisco, CA 94102

Toll Free: 888-312-6978
Phone: 415-433-3350
Map & Directions