The end of the year is quickly approaching and many are ready to celebrate the upcoming holiday season by giving to their favorite charities, as well as think about tax planning strategies. Noncash donations are a great way to give large amounts without giving up your cash and still benefit from a tax deduction. Below is a list of the most common noncash charitable contributions and rules that apply to each.
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Karyn Richardson, CPA •
The end of the year is quickly approaching and many are ready to celebrate the upcoming holiday season by giving to their favorite charities, as well as think about tax planning strategies. Noncash donations are a great way to give large amounts without giving up your cash and still benefit from a tax deduction. Below is a list of the most common noncash charitable contributions and rules that apply to each.
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Alyssa McBride, CPA •
As we approach the holiday season, more charitable organizations are reaching out and requesting donations, but how do you know these organizations are tax exempt? You can verify a charity’s tax-exempt status using the IRS’s Exempt Organizations Select Check Tool. By simply entering the name of the organization and making sure the “Are eligible to receive tax-deductible charitable contributions” button is checked you can search and verify that the organization is eligible. Nora Tellifson, CPA •
Roth IRAs are very popular for many reasons: qualified withdrawals from Roth IRAs are not taxed, there are no required minimum distributions from Roth’s once you reach age 70 ½, and there is no age limit for making a Roth contribution. The problem that many taxpayers run into is that there is an adjusted gross income limit for making Roth contributions that phases out beginning at $186,000 for married couples and $118,000 for singles in 2017. This income limitation makes Roth IRA contributions off limits for many taxpayers. In a Roth conversion, traditional IRA contributions are converted to a Roth IRA, and there is no income limitation for a conversion. Here are a few of my favorite scenarios for a Roth conversion. |
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