The Tax Cuts and Jobs Act took effect this year, rolling out some major changes to the way individuals and businesses file their taxes. Key changes include the doubling of the standard deduction to $12,000 for singles and $24,000 for married couples who file jointly, the elimination of personal exemptions, and sweeping changes to itemized deductions.
In this first video of a 3-part series, I explain two strategies for reducing income from hitting your tax return:
- Making a Qualified Charitable Distribution (QCD) from an IRA owned by an individual who is over age 70 1/2.
- Donating stock directly to a charity. This strategy pertains to a stock or mutual fund that has gone up in value and is held in a brokerage account.
Give us a call at 712-256-4856 with your tax and investment questions. Strategic tax planning is a key to your enjoying a successful retirement.
[Financial Planning and Investment Management Services offered through Dickinson Investment Advisors, Registered Investment Advisor. Statistics and market information provided by Litman Gregory Advisor Intelligence.]
