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Mark Witaschek

How Can You Leverage Your Resources to Help with Hurricane Harvey?

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In recent years, we have seen disasters strike all over the globe. The latest is Hurricane Harvey. Our hearts go out to those impacted by this storm. Most of us look to the profound human suffering and want to help, but also want to make sure our donations are effective. By providing tax savings, certain types of gifting strategies will enable you to give more. The tax code offers two powerful, tax-favored strategies for giving to those in need. They are Qualified Charitable Distributions (QCD) and Donor Advised Funds (DAF). See below for detailed explanations of each approach. Qualified Charitable Distributions A Qualified Charitable Distribution (QCD) allows an individual over age 70½ to make a donation of up to $100,000 directly from an IRA account to a charity. Here are some highlights: Removes funds from your IRA without increasing your adjusted gross income (AGI). Having a lower AGI can result in: Lower taxes Higher medical deductions Higher miscellaneous deductions – such as the deductions for fees paid to accountants and investment advisors Reduced Modified Adjusted Gross Income (MAGI), which could reduce the taxation of Social Security benefits due to the “Social Security inclusion ratio” For those taxpayers who have Medicare […]

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