Financial Tip of the Week: Giving to Charities, Not the IRS by Steve Sexton
The San Diego Entertainer’s own financial expert, Steve Sexton, provides the Channel 6 San Diego Living show with financial tips throughout the month. We are thankful to be able to share his financial expertise with our readers.
Last week on the segment, Sexton offered advice on how to handle big ticket items. This week, Sexton talked about finding “lost” money and putting it to good use. According to President Obama’s 2010 tax returns, Obama donated 14% of his income to charity. Giving away charitable donations is a good strategy for using your income instead of allowing the IRS to have it all.
Sexton went through colon cancer a few years ago and during this time, he realized how many people helped out cancer fighters by donating their time and money to particular charities.
“People don’t realize that you actually give their taxes to the charity,” Steve says.
It is important to visit a financial professional to restructure your tax money flow. The factors for the restructure include knowing: your personal charitable intent, your individual estate planning and how your income flows onto your tax returns.
Sexton has a client who makes $90,000 a year (reported on his tax return), but he only spends $50,000 per year. Sexton Advisory Group used simple methods, such as longer-term investing choices, tax deferral and tax-free income strategies to reduce their taxable income, saving them $7,000 a year. So this client gave the “found” $3,000 towards his church and the remaining $4,000 towards traveling and vacationing.
Steve Sexton is a financial expert who personalizes each individual’s financial plan on their unique circumstances and goals. He has over 15 years experience in the financial services industry and holds multiple licenses and designations including being a Better Business Bureau member and a National Ethics Bureau Member.
If you would like to learn more about securing your financial wealth and freedom, planning for your retirement or to reserve a spot in one of Sexton’s free financial workshops you can visit www.sextonadvisorygroup.com. Or you can reach the Sexton Advisory Group by contacting Steve Sexton at firstname.lastname@example.org or by calling 951-695-8810.
Don’t forget to watch Steve Sexton on the Channel 6 San Diego Living on Tuesdays for more financial tips!