Whether your business is the law, or a business with accounting or asset protection needs, our business has been “Solving clients’ problems" since 1977.

News & Events

End-of-Year Giving Guide

  • 29 November 2016
  • Author: Alexander Carr
  • Number of views: 3210
End-of-Year Giving Guide

‘Tis the season to catch up on your last-minute tax deductions and strategies. What better way to save on taxes than to give that hard-earned money to the people and organizations you choose instead? There are two ways to do it: gifts to loved ones and charitable giving.

Giving Money to Loved Ones

Individuals can give up to $14,000  free from gift taxes to other individuals each year. For married couples, the exclusion amount is $28,000, but the gift must qualify as a “present interest.” While giving money to others in general will not directly lower your taxes, giving money to loved ones over time is a good way to avoid future taxes such as a gift tax on one large, lump-sum gift or on estate taxes after you’re gone.

When considering giving money to other individuals, keep in mind:

Charitable Giving

Giving money to charities is a great way to offset taxes each year. According to the IRS, if your goal is a legitimate tax deduction, then you must be giving to a qualified organization. In other words, be sure the organization is a 501(c)(3) in good standing.

Other points from the IRS to keep in mind:

  • You cannot deduct contributions made to specific individuals or political organizations and candidates.
  • If you receive a benefit because of your contribution such as merchandise, tickets to a ball game or other goods and services, then you can deduct only the amount that exceeds the fair market value of the benefit received.
  • To claim a deduction for contributions of cash or property equaling $250 or more, you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization.

  • If you’re past retirement age, donating from your IRA is an even more valuable option. Late last year, Congress made permanent a major tax break for individuals giving money from an IRA to charity. Now, if you’re 70 ½ or older, you can donate up to $100,000 to charity each year, tax free.

Top Charities in San Antonio

Finding a reputable charity can be a challenge. Organizations like Charity Navigator can help by providing an evaluation of the charity you’re considering, including a score on the organization’s financial health, accountability and transparency. According to the organization, the following are the top-rated charities in San Antonio right now (click on the name of each organization to find out more about them):

For questions on the tax advantages of giving and other last-minute tax-saving strategies, contact us.

Image Copyright: vltrdias / 123RF Stock Photo

Categories: , General



When you hire Steven Bankler and his team of certified public accountants, you get seasoned, knowledgeable CPAs.

The IAPA International LogoRather than experienced bookkeepers, promising CPAs-in-training or studious interns in the process of completing their accounting degrees, you get professional CPAs. We Solve Problems. We provide creative solutions to our clients’ unique problems including tax and estate planning, forensic accounting, expert witness and litigation support.


Curriculum Vitae

Quoted Opinions

Newsletter Signup

First Name:
Last Name:
Better Business Bureau