Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.
Special Charitable Contributions for Certain IRA Owners
This provision, currently scheduled to expire at the end of 2011, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. For free consultation contact us today to setup appointment.
Amare Berhie, Senior Tax Accountant
ABA Tax Accounting
612-282-3200
Email amare@abtataxaccouning.com
Advertisements
Leave a Reply