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The Supreme Court's ruling on the president's tariffs has jolted Washington and the business world. Here's what to watch next.
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Shares of asset managers fell due to worries over a private-credit fund managed by Blue Owl Capital, triggering broader anxiety about spillover effects.
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Where Did the Money Go? US Edges Closer to Fiscal Cliff Daily KosNew CBO report shows national debt spiraling into uncharted territory by 2035—and Trump's tariff defeat will make the picture even worse FortuneWhy the Federal Deficit Is Projected to Surge, in Five Charts The Wall Street JournalThe Court Ruled. Now the CBO Needs to Update Its Revenue Projections National Review
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When professional baseball player Austin Barnes extended his contract with the Los Angeles Dodgers for another two years, he specifically included in the agreement a commitment on his part to make charitable donations.
That was a generous move and a financially savvy one all at the same time. He can put his money to work helping causes he believes in, while also enjoying tax advantages.
SEE MORE Which Type of Donor-Advised Fund Is Right for You?
Most of us don't have multimillion-dollar professional sports contracts like Barnes, but there are ways to increase your own donations and, at the same time, reduce your tax bill.
After all, you probably have a cherished cause — a church, an animal rescue organization, a homeless shelter or some other nonprofit — that you want to help. With charitable donations, you can choose specifically how your money is put to use, which isn't the case with your tax dollars, which just go into the big tax pot in Washington.
Think of it this way: If you were told that you aren't going to be able to keep $10,000 anyway, wouldn't you prefer to have a say in exactly how it is spent?
With that in mind, here are five ways to make charitable giving a key part of your financial plan:
1. Set up a donor-advised fund (DAF)
This is a strategy that isn't put into play often enough, in part because many people don't know about it. A donor-advised fund allows you to make a sizable charitable donation that you can claim immediately as a tax deduction. The money isn't donated immediately, though. Inste
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