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What's your AGI?
Hey, it's tax season! So here's a tip.
What is your Adjusted Gross Income (AGI)?
Whether you have already filed your current year taxes and received your refund, or if you are still procrastinating and have no plans to do your taxes before April 15 – do yourself a favor. Make certain you have reviewed lines 23 through 36 on IRS form 1040. Be certain it is form 1040 and not 1040A or 1040EZ. Click here to see what we're talking about.
Your AGI is that amount on which your taxes are calculated after all adjustments. Adjustments to your Gross Income likely have a greater positive impact on your total tax liability than do your deductions for items like charitable contributions, interest paid on mortgages, etc.
And yes, this relates to our work as fundraisers. While tax reasons are rarely the primary motivator in charitable giving, understanding the basics of personal finances is critical to being able to notice creative gifting opportunities for your donors.