2017 Giving Tips

Current press reports point to comprehensive tax reform legislation being enacted in the next year or so. Consequently, those who enjoy tax savings from itemizing their charitable gifts and other deductions should check with their advisors to determine whether they might enjoy greater benefits from their charitable gifts now rather than after any new legislation is introduced.

Gifts of publicly traded securities and mutual funds may also be attractive in this environment given the broad market increase since 2009. Please contact us for transfer instructions.

Additionally, those aged 70½ or older may benefit by making gifts directly from an Individual Retirement Account (IRA) in amounts totaling up to $100,000. Contact your IRA administrator for guidance on how to make a gift in this manner. Such a transfer can be especially effective for those who do not expect to itemize their deductions or those who would prefer to minimize or eliminate taxes resulting from a required minimum distribution. If you had a qualified charitable distribution from an IRA in 2016, be sure to note the “QCD” on your Form 1040, and check with your personal tax advisor to ensure this has been documented properly.

To prepare for tax season, be sure to gather receipts for your 2016 charitable gifts to see if you can benefit from additional itemized deductions when you file your tax return this year.

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