Posts in Tax Alerts
Does it Make Sense to Make a Charitable Contribution from my IRA?

If you are 70 ½ or older, you are eligible to make a Qualified Charitable Distribution (QCD) from your IRA directly to a qualified charity.  By electing to make a QCD, the distribution of these funds will be reported as a distribution and will count toward the required minimum distribution from the IRA, but will not be included in taxable income.

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Bunching of Itemized Deductions Under the New Tax Legislation

Under the new Tax Cuts & Jobs Act (TCJA), the standard deduction available to taxpayers has increased to $24,000 for those who file as Married filing Jointly, $18,000 for Head of Household, and $12,000 for Single or Married Filing Separately. Due to this increase, it is estimated that the number of taxpayers who itemize their deductions will fall from around 30% to less than 10%.  

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