Taking these few extra steps can maximize your gift’s benefit to both you and the recipient.
New proposed legislation cuts the benefit of donating to charity and receiving tax credits in return.
Virginia taxpayers can give generously and offset the cost of those gifts through tax credits and the avoidance of capital gains taxes.
This video discusses Neighborhood Assistance Programs, and how donating to a local charity can both help people in your area and help you with your Virginia tax bill.
Don’t hesitate to take advantage of this tax code oddity.
Last year people who took our advice saved literally thousands of dollars on their Virginia taxes. A dollar saved on your taxes is more valuable than a taxable dollar earned in income.
More than 200 charities have been designated Neighborhood Assistance Programs (NAPs).
Virginia land preservation tax credits are a savvy way for you to save up to 25% on your state tax bill.
If the tax code permits a huge deduction for brushing your teeth with your left hand while standing on one foot, it is still worth doing.
Before executing a conservation easement donation, you should be certain that it is in line with your financial goals.