Exodus Financial Group LLC

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year which can allow the donation to be excluded from your taxable income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

Some of them still training we are open for business! Cash Advances starting Dec 11th. Chavez Ramirez Maribel Anya Michelle Cyrus Cezar Smash Da Topic

Name Changes - Did You Know?

A name change can affect your taxes. As all the names on a tax return must match Social Security Administration (SSA) records, a name mismatch can delay your tax refund.

Report Name Changes: Got married and now using a new spouse's last name or hyphenate a name? Divorced and now back to using a former last name? In either case, you should notify the SSA of a name change. That way the new name on IRS records will match the SSA records.

Make Dependent's Name Change: Notify the SSA if a dependent had a name change. For example, if you adopted a child and the child's last name changed. If the child does not have a Social Security number, you may use an Adoption Taxpayer Identification Number on your tax return. An ATIN is a temporary number. Apply for an ATIN by filing Form W-7A with the IRS.

Get a New SS Card: File Form SS-5, Application for a Social Security Card. The form is on SSA.gov or by calling 800-772-1213.