By tapping the "Contributions" section in the Daffy app under "My Fund In 2023." This feature allows you to easily access your tax documents at any time throughout the year, not just at the end of it. You can also access this information online at daffy.org/fund/contributions and click on "Download Tax Summary."
If you contribute non-cash assets, such as cryptocurrencies and securities, that exceed $500 in value, you will be required to file an IRS 8283 Form with your federal income tax return. Daffy makes it easy to keep track of these contributions, and it's always best to consult your tax specialist to understand your specific situation.
One of the major benefits of using a donor-advised fund like Daffy is the immediate tax deduction you can take for your contributions. This can be a significant advantage when planning your tax strategy. In fact, adjusting your withholdings can put more money in every paycheck, and contributing to your Daffy fund can help lower your overall tax bill.
In conclusion, Daffy is a great option for a Donor-Advised Fund (DAF). It not only simplifies the process of charitable giving but also provides easy access to tax documents and potential tax benefits. So, why wait? Start your journey with Daffy today and make the most of your charitable contributions.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.