Use a Donor Advised Fund to Save on Taxes

A Donor Advised Fund (DAF) is an account that you own and manage, just like your brokerage account.  The difference is how it’s treated when it comes to paying taxes.Money that you put into the DAF is treated by the IRS as having been given away to a non-profit organization, even though it’s still under your control.  That means you get to deduct it from your income and pay less in taxes!  Eventually, the money in your DAF must be given out to charities, but you can do that over the next months and years.The big benefit of this account is when you have a year with a very high income.  If you are charitably minded, go ahead and donate 3-4 years’ worth of giving into the DAF.  That means you save more on taxes, while still supporting your favorite organizations over the coming years.Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/