A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
As the season of charitable giving kicks off, it's a good time to plan how to minimize your 2017 tax bill while exercising your generosity.
This year, with tax legislation in Congress moving closer to possible passage, some experts are advising doing a few things differently when it comes to charitable donations. In short, it might be worthwhile to boost your giving.
"We're advising clients to make as many charitable contributions as they can afford," said Kim Garcia, a principal with Diversified Trust in Greensboro, North Carolina.
Although the tax break for charitable contributions is one of the few deductions retained under both the Senate and House tax bills, other changes would likely reduce its usefulness. Because the standard deduction would be doubled and most other deductions would disappear under proposed reforms, fewer taxpayers would itemize — which is the only way to take advantage of the deduction for charitable contributions.
One way to prepare for that would be to combine two years' worth of gifts into one.
"We're going to see more 'bunching' of deductions," Garcia said. "Instead of making gifts in two separate years, we might start seeing people doing it every other year to have a higher amount contributed in one year to get them over the [standard deduction] threshold."
While charitable contributions are generally limited to 50 percent of adjusted gross income, you can carry over to next year — and up to five years — any amount that exceeds the limit.
Another proposed change in the Senate tax legislation (but not in the House version) would affect the sale of stock, which might make it more beneficial to gift shares this year.
Under current law, investors with taxable brokerage accounts have several choices when putting in a sell order for stock shares: They can direct their broker to sell the oldest shares first (the first-in-first-out or FIFO method) or direct the sale of shares that were purchased on a particular date (specific identification method). Those same choices apply when identifying shares to gift.
The Senate bill's provision eliminates the specific identification method. Stock investors would be required to divest their oldest shares first regardless of whether those shares come with the lowest cost basis.
When gifting stock, not only does the donor get to write off the value of the donation, they also avoid paying tax on any gains.
"The reason for gifting low-basis stock is to avoid the capital gains on that asset," Garcia said. "So if you have tax lots out there with a low basis, it's better to gift it to charity now while you can specifically identify them."
If congressional efforts to change tax law fail, no harm will be done because you can still carry over any amount you can't write off this year.
Beyond those strategies, here are some tips to keep in mind while deciding where to direct your donations:
For your generosity to count against your taxes, donations must go to tax-exempt organizations. These include 501(c)(3) nonprofits, churches and other religious organization, among others. You cannot deduct contributions made to individuals, political organizations and candidates.
To use your charitable contributions against your taxes, you must itemize your deductions. This means for it to make financial sense, the combined value of all your deductions would need to exceed the standard deductions for 2017: $12,700 for married couples, $9,350 for heads of households and $6,350 for single filers and married couples filing separately.
Generally speaking, your total charitable contributions are deductible up to 50 percent of your adjusted gross income. For high earners — i.e., those with 2017 adjusted gross income of $261,500 or more for single filers and $313,800 for married couples filing jointly — so-called Pease limitations could cap the value of your deductions further.
Regardless of the amount, you must be able to substantiate both cash and non-cash donations. For contributions worth $250 or more, you need written acknowledgement of the gift from the recipient organization. Donations of non-cash items worth $5,000 or more require a professional appraisal. While you do not file these records with your tax return, you must be able to produce them if you are audited.
Unless you're carrying over an outsized charitable donation (see rules above), you can only take a deduction for a charitable donation for the year in which you made it. This means that if you want to use certain contributions against your 2017 taxes, you generally have until Dec. 31 to get it done. For gifts of stock or other assets held at a brokerage, the date the trade is executed is typically the official date of the gift.
More from CNBC Personal Finance: