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Charitable Giving from IRAs: Key Changes Under the TCJA

Charitable Giving from IRAs: Key Changes Under the TCJA

by | Jul 15, 2024 |

The Tax Cuts and Jobs Act (TCJA) has brought several changes that impact charitable giving, especially for those using Individual Retirement Accounts (IRAs). While it increased the charitable deduction limit, it also raised the standard deduction, making it harder for less-ambitious givers to benefit. One significant advantage for charitably inclined seniors is the ability to make Qualified Charitable Distributions (QCDs) from IRAs, allowing tax-free donations that also count toward Required Minimum Distributions (RMDs).

Comprehensive Guide to ABLE Accounts: Tax-Favored Savings for Disabled Family Members

Comprehensive Guide to ABLE Accounts: Tax-Favored Savings for Disabled Family Members

by | Jul 15, 2024 |

Explore the benefits of ABLE accounts, designed to help families save for the qualified expenses of a disabled family member. Authorized by the ABLE Act of 2014 and enhanced by subsequent legislation, these accounts offer tax advantages that can significantly ease the financial burden. Learn about the contribution limits, tax treatments, and essential documentation needed to make the most of an ABLE account.

Beware of Elder Scams: Top Schemes and Prevention Tips

Beware of Elder Scams: Top Schemes and Prevention Tips

by | Jul 15, 2024 |

Financial exploitation of elderly people is rampant, with Americans losing an estimated $28.3 billion annually to elder scams. More than 72% of these losses are due to individuals known to the victims. This article highlights common fraud schemes targeting seniors, such as fake lottery winnings and tech support scams, and provides practical tips to help prevent and respond to these threats.

Maximize Tax Savings: Understand Capital and Ordinary Gains and Losses

Maximize Tax Savings: Understand Capital and Ordinary Gains and Losses

by | Jul 15, 2024 |

When selling assets such as investments, real estate, and intangibles, the classification of gains and losses—capital versus ordinary—can greatly affect your federal income tax obligations. Capital gains generally enjoy lower tax rates than ordinary gains, while capital losses have stricter deductibility limits. Special attention is needed for business real estate, as its classification can hinge on factors like sales frequency and the property’s acquisition nature. Before making significant sales, consult your tax advisor to ensure you handle transactions optimally under current tax laws.

Important Federal Tax Tips and Updates

Important Federal Tax Tips and Updates

by | Jul 15, 2024 |

This article provides essential advice on federal tax matters, including IRS letters, summer travel fees, rejected Offers in Compromise (OIC), home sale tax exclusions, and gig economy income tax obligations. Each section offers practical steps and considerations to help taxpayers manage their responsibilities effectively.

Navigating the Complexities of Alternative Investments for Your Nonprofit

Navigating the Complexities of Alternative Investments for Your Nonprofit

by | Jul 11, 2024 |

Alternative investments promise high returns but come with significant risks and tax implications. From hedge funds to cryptocurrency, these options lack easily ascertainable market values and can be illiquid, posing challenges for nonprofits. Manager selection, high fees, and unrelated business income (UBI) tax issues further complicate matters. Professional guidance is crucial to determine if such investments align with your nonprofit’s financial goals and to navigate potential pitfalls.

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