Personal Finance

We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.

CHARITABLE CONTRIBUTIONS

This section explores some of the special rules that apply to charitable contributions, including deductions, non-cash contributions, car donations, etc. The latest tax law changes that were recently passed are also discussed. Use this information to help you make the most of your contributions.

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Tax-Free IRA to Charity Distributions Reinstated
The provision that permits taxpayers age 70½ and over to make direct distributions (up to $100,000 per year) from their Traditional or Roth IRA account to a charity has been reinstated for 2010 and 2011.  The distribution is tax-free, but there is no charitable deduction.  This provision can be very beneficial to taxpayers who have social security income and/or do not itemize their deductions.

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Special Rules for Car Donations
Congress has imposed tough rules that substantially limit the deduction for this charitable donation.

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What is a Charitable Organization?
Money or property that you donate to "qualified" charitable organizations can be included in your itemized deductions as a charitable contribution. But what is a "qualified" charity? IRS Publication 78 lists all qualified organizations.

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