With the end of the year just around the corner, you may want to review your financial situation. Make a list to ensure that you take full advantage of all available tax-saving deductions. Here are some ideas for year-end planning that can benefit you and help support your favorite charity too.
Charitable Contributions — A cash gift or an unneeded asset can provide valuable tax savings.
Charitable Gift Annuity — Double your benefits while making a gift and receiving cash back. A gift annuity gives you income tax advantages this year while providing you with dependable payments for life at fixed rates as high as 9%.
IRA Charitable Rollover — If Congress again passes the IRA charitable rollover this year, you may be able to transfer money directly from your IRA to a qualified nonprofit without paying federal income tax. Check with your tax advisor.
Additional Tax Savings — Review your mortgage, medical, education, business and other miscellaneous expenses to determine if there are additional ways you can save. Check your list against your advisor’s recommendations to avoid missing any significant deductions.
Will Or Trust Update — If you haven’t visited your attorney to review your estate plan in recent years, you should make an appointment. Your plans may need to be updated, particularly if you have experienced life changes. We offer a free “Wills and Trust Guide” to make your planning easier. Call us for your copy.