Consider making a charitable gift from your IRA1 min read
The tax law signed last January extended the tax break that allows contributions of up to $100,000 from a traditional IRA to a qualified charity. Taxpayers aged 70½ or older can make a distribution directly from an IRA to a charity. The amount donated is not included in the taxpayer’s gross income and is considered part of the required minimum distribution for the year.
By Simons Bitzer
Here are a few additional articles you might be interested in:
Should You Elect Out of the New Partnership Audit Rules?
The Bipartisan Budget Act signed into law in 2015 and effective for partnership returns filed for taxable years beginning after 2017 has significant impacts on partnership audits. Most notably that audit adjustments are to be recognized in the year an audit is...
Accounting Manager
Helping Businesses Succeed. Helping Professionals Thrive. Simons Bitzer is a boutique CPA firm established in 1995 that focuses on helping Central Indiana companies reach their business goals. Our clients are progressive and they desire more than just accounting and...
The Business Checkup
No one starts a business hoping that it will fail, yet a quick check of business statistics shows that half of all businesses will. Large businesses have teams of experts who comb through complex reports to make decisions that affect hundreds of employees and ensure...