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Donations

Want to get a tax deduction for helping people affected by a natural disaster? Give to an IRS-recognized charity. Use the “Tax Exempt Organization Search” on IRS’s website to check whether a group is eligible to receive a tax-deductible donations. If you’re 70 1/2 or older, consider making the donation from your IRS. You can transfer up to $100,000 annually from a traditional IRA directly to charity. The charitable transfers count as all or part of your required minimum distribution, but unlike other IRA payouts, these direct gifts are not added to your taxable income. It can be a great way to get a tax benefit from a charitable gift even if you don’t itemize.

By | 2020-08-18T17:23:59+00:00 September 17th, 2018|Uncategorized|0 Comments

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