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Tax Information for Your Gift
November 07, 2019
Discuss the following suggestions with your tax advisors to see what you need to do to take advantage of the following tax planning opportunities.
When making your donations for 2019 you may want to consider grouping your itemized deductions that will be allowable in 2019 and 2020. Due to the increase in the standard deduction you may be able to exceed the standard deduction in one year by paying itemized deductions from both years in one year and taking the standard deduction in the other year.
If you need to take a Required Minimum Distribution (RMD) from your IRA or SEP accounts, you may make your donations directly from the Retirement Account and the donation will be deducted from the taxable portion of the RMD with out any impact on your standard deduction.