An Interview with Corporate Partner Steven Chegwin, CPA, on Philanthropy and Tax Strategy
At the young age of 12, Steve Chegwin visited an afterschool youth program in Newhall. The organization provided a safe place for kids and teens to go where the focus was education, youth sports, character building, and healthy lifestyles. The terms non-profit and charitable giving were years away from becoming a part of Steve’s world, but it was his first memory of seeing philanthropy at work improving lives.
Steve went on to graduate from California State University Northridge with a major in Business Accounting. After spending many years honing his skills at Deloitte and Company, Steven began his own CPA practice in 2001 where he provides tax, accounting and consulting services to individuals and small businesses.
Today, Steve enjoys working with clients to address tax issues. He guides them and advises how proper tax planning is key in avoiding costly mistakes. “It is important that my clients understand how taxes impact their investments and retirement plans,” said Steve. He also provides tax strategy about charitable giving. For example, Steve counsels clients over 70 ½ to distribute funds directly from an IRA or Roth account to avoid paying income taxes on the distributions. “A direct contribution of retirement assets to charity as part of an estate planning strategy can be very tax efficient,” said Steve.
Steve is testament that tax incentives aren’t the only reason for charitable giving as philanthropy has become an integral part of his life. He and his wife Rose, parents to two adult sons, are actively engaged in supporting a variety of charitable organizations within the Santa Clarita Valley with Henry Mayo Newhall Hospital Foundation at the forefront. They realized the importance of having high quality healthcare and wellness services within the community, and the role of philanthropy in making a difference at our not- for- profit Hospital. Rose has just been named Chair, Henry Mayo Newhall Hospital Foundation and the Chegwin’s have long championed raising money for Emergency Services, the New Patient Tower and the Center for Women and Newborns.
During the Spring Tax season, and throughout the year, philanthropic investments could be beneficial to your bottom line and, most importantly, very impactful to a cause you believe in. Henry Mayo thanks the Chegwin’s for their support!