ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

Published On
July 16, 2016

Your generosity can pay off in more ways than one. Joe and Al share how to make tax-smart charitable donations.

2:47 “Here’s what does create a tax deduction for volunteering: your mileage to and from some type of charitable event you go to…supplies you purchase directly for charity, and there are some fundraising expenses that will qualify for tax deductions. A lot of people miss those deductions. Those deductions reduce your taxable income which ultimately reduces the amount of taxes you pay.”

4:36 “If you’re spending money for charitable purposes or for a specific charity, then those expenses may be tax-deductible.”

7:00 “Give appreciated stock directly to charity because the tax deduction you get is the current value of the stock on the day you donated, and you don’t have to pay tax on the gain.”

12:04 “If you can get a little more sophisticated in your tax planning and combine a couple of these different strategies together, you can save money in tax and actually create more income.”

14:00 “It’s called a donor advised fund. You can actually set up a fund at a brokerage firm, it’s a special account where you control the investments and then you decide which charities get what amounts…here’s the key: the key is that the year you set up the account and put the money in the account – that’s the year you get the tax deduction.”

20:02 “You can take money out of your IRA and give it directly to charity.”

25:42 “There’s no harm in getting a tax benefit. The IRS encourages it; you just have to know what’s available and what to do.”

29:44 “Once you get a better picture on how all of this looks, you’ll make better decisions.”

35:07 “You have more control over taxes now than any other time in your life.”