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Specializing in Tax Preparation and Planning for Individuals, Business, Trusts and Estates.
SDC Tax and Business Services’ Mission is to serve our client’s while improving their financial needs and that of our community. We offer a full range of tax and accounting services. Our clients include individuals, corporations and small business owners. We pledge a strong commitment to our clients, and feel a vested interest in their success. We are known for our responsiveness, friendliness and knowledge. Our strength is our staff, whose knowledge, integrity, and professionalism has helped us develop lasting relationships with our clients. Our company has grown over the years through these relationships and referrals to our clients, friends, families and business associates. We are committed to supporting each member of our firm and our clients, in an atmosphere of respect and trust. We value community and the opportunity to participate to improve individual lives.
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Documenting Charitable ContributionsContribution to a donor advised fund is a way to warehouse funds in a year in which the donor has an unusually high income (and can benefit from a large charitable deduction) to satisfy the donor's social obligations to make charitable contributions in future years, without incurring the expense of setting up a private foundation and satisfying annual filing and other private foundation requirements.
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Charitable Giving Through Donor-Advised FundsContribution to a donor advised fund is a way to warehouse funds in a year in which the donor has an unusually high income (and can benefit from a large charitable deduction) to satisfy the donor's social obligations to make charitable contributions in future years, without incurring the expense of setting up a private foundation and satisfying annual filing and other private foundation requirements.
Donor-advised funds, though they may bear the donor's name, are not separate entities, but are mere bookkeeping entries. They are components of a qualified charitable organization. A contribution to a charity's donor-advised fund may be deductible in the year it is made if it isn't considered earmarked for a particular distributee. The charity must fully own the funds and have ultimate control over their distribution. To document the contribution, the taxpayer must get a written acknowledgement from the fund's sponsoring organization that it has exclusive legal control over the assets contributed.
Though the donor can advise the charity, which generally will follow the donor’s recommendations, the donor cannot have power to select distributees or decide the timing or amounts of distributions. The charity must also ensure that all distributions from the fund are arm’s-length and do not directly or indirectly benefit the donor.
Tax-Free and Tax-Favored Fringe Benefits For Passthrough Entity OwnersCertain tax-preferred benefits that are available to employees are also available to owner-entrepreneurs of partnerships, LLCs treated as partnerships, and S corporations. This article examines how these tax-favored benefits apply to partners and more-than-2% S corporation shareholder-employees.
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