Are you aware of how charitable contributions can impact your taxable income this year?

In this episode, Jim Sumpter, CFP®, brings Andy Graffeo, Financial Advisor at CMC Financial, on to piece together the tricky puzzle of end-of-year tax planning with a special focus on charitable contributions. Andy, a key partner at CMC Financial, lends his tax expertise to help listeners navigate this often confusing landscape. Together, they shed light on how to maximize tax deductions while doing good.

Jim and Andy discuss: 

• (01:52) Understanding donations to reputable 501(c)(3) organizations and the documentation required for cash and non-cash contributions
• (04:09) Best practices for assessing fair market value for non-cash items and the steps necessary for high-value donations, including vehicles
• (13:20) The intricacies of charitable strategies involving appreciated assets, donor-advised funds, and charitable trusts
• (17:52) Key insights into Qualified Charitable Distributions (QCDs) for those over 70½, highlighting the tax benefits of direct donations from IRAs
• And more

This episode is packed with practical advice and insider knowledge to make your charitable giving both rewarding and tax-savvy.

Resources:

• IRS Publication 526 on Charitable Contributions
• You Inherit an IRA, Now What? (Ep. 12)

Connect with Jim Sumpter: 

• 205-510-9074
• CMC Financial
• LinkedIn: Jim Sumpter
• LinkedIn: CMC Financial
• Facebook: CMC Financial
• Instagram: CMC Financial
• YouTube: CMC Financial

Connect with Andy Graffeo: 

• CMC Financial
• LinkedIn: Andy Graffeo

About our Guest: 

Andy Graffeo began his career with RFG in 2003. He has years of experience in tax and financial planning for families and small businesses. As a Birmingham native, he attended Ensley High and UAB. Andy is a board member of the Birmingham Girls Choir, Italian American Heritage Society, and serves as Treasurer of his HOA in Hoover.