Year-End Tax Planning

How Does the New Tax Law Affect You?

The Tax Cuts and Jobs Act 2017 (TCJA) changes are effective for 2018. The 500 page law makes lots of changes but the net effect across the board is a very small benefit to low and middle income taxpayers, and more benefits for the very wealthy. The new law keeps the seven income tax brackets but… Read More

Limits and Tax Treatment of Political Contributions

Are My Political Contributions Limited? Can I Deduct Them On My Taxes? Campaigns and Parties. Contributions to political parties and campaigns, generally, must be disclosed to the Federal Election Commission (FEC) which publishes the information. Contribution amounts are often limited, and the contributions are not tax-deductible. For example, contributions by individuals of more than $200… Read More

There’s Still Time to Make 2015 Qualified Charitable Contributions

On Friday, December 18, 2015 President Obama signed the 2016 Consolidated Appropriations Act into law. Among its many provisions it is the permanent extension of the ability for a taxpayer to make qualified charitable distributions (QCDs) from individual retirement accounts (IRAs). In the legislation signed by the President on December 18, 2015 the IRA charitable… Read More

Year-End Tax Planning for 2015

Year-end Tax Planning for 2015 There is still­ some time left to make some income tax savings moves for 2015. Charitable Contributions Make deductible charitable contributions on or before December 31. Taxpayers must be itemizing deductions on IRS Schedule A in order to benefit. Be sure to obtain acknowledgment letters for donations greater than $250.… Read More

Eight Tax Breaks that Expire at the End of 2013

A number of income tax provisions are slated to expire at the end of this year. Many of these tax breaks have been extended in the past, so it’s possible Congress could extend them again over the next few months – but you never know. 1. Teachers’ classroom expense deduction. Teachers can deduct up to… Read More

IRA Charitable Rollovers for 2013 Save Taxes

The American Taxpayer Relief Act of 2012 (“ATRA”) extended the qualified charitable distribution (QCD) provisions through December 31, 2013. In general, distributions from IRAs must be included in gross income in the year in which distribution occurs, and income taxes must be paid on the taxable portion. A qualified charitable distribution (“QCD” or charitable rollover)… Read More

Unique Opportunity for Charitable Giving in January 2013

The American Taxpayer Relief Act of 2012 (“ATRA”) creates a unique opportunity for charitable giving. If a taxpayer acts during January 2013, taxpayers who have attained age 70 1/2 may make a tax-free distribution (commonly referred to as a “charitable rollover”) from their IRA to charity of up to $200,000. In general, distributions from IRAs… Read More

Bailout Extra – Includes IRA Charitable Rollover

The “Bailout” which is what the public calls The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed the House and was signed by President Bush on October 3, 2008.  Lot and lots of little “additions” appeared – plus lots of “pork.” Good news for charities – the law extends the IRA Charitable Rollover which… Read More