The 2017 tax law resulted in some important changes to how deductions work for federal taxes. Under the new tax law, many deductions have been eliminated or reduced, while at the same time the standard deduction was nearly doubled – to as much as $26,600 for a married couple filing jointly. As result, it is […]
A tax-efficient way to donate to charity
Owners of individual retirement accounts who are at least age 70 1/2 can contribute some or all of their IRAs directly to charity. The motivation to do so is that it can be advantageous from a tax perspective in some cases. If you have a traditional IRA, you must begin taking required minimum distributions (RMDs) […]