HOW TO TAKE FULL ADVANTAGE – of the 2018 Tax Reform ActCategory:
UNDER THE 2018 TAX REFORM ACT
CHARITABLE CONTRIBUTIONS FOR CASH GIFTS
The new law increases the limitation of 50 percent of your adjusted gross income (AGI) for donations by cash, check or credit card up to 60 percent.
CHARITABLE CONTRIBUTIONS OF APPRECIATED PROPERTY
The limitation on charitable gifts of long-term appreciated property to public charities will remain at 30 percent of your adjusted gross income.
WHAT THIS MEANS TO YOU
The lower tax brackets may mean that you are likely in a better financial position to help others this year. Here are three smart ways to be charitable as we close out the year.
DONATE APPRECIATED PROPERY
Because many markets are experiencing strong growth, consider a gift of appreciated property to a Parkinson’s Resource Organization. You may qualify for an income tax charitable deduction and eliminate capital gains tax.
NAME PARKINSON'S RESOURCE ORGANIZATION AS A BENFICIARY OF RETIREMENT PLAN ACCOUNTS
Assets in your IRA, 401(k) or other qualified retirement plan accounts remain subject to income tax when distributed to your heirs. If you name PRO as a beneficiary of all or part of your plan, your gift will pass to us tax-free.
GIVE FROM YOUR IRA (IF YOUR ARE 70½ OR OLDER)
Regardless of whether you itemize your taxes, this gift helps you fulfill your required minimum distribution and is not considered taxable income.