Last Minute Gift Ideas!

Friday, December 19, 2014

On December 16, President Obama signed the Tax Increase Prevention Act of 2014. This means that once again, charitably-minded taxpayers can give by making direct distributions to charities from their IRA accounts. This popular tool (for qualified taxpayers 70 ½ years and older) is included in the last minute federal legislation package. With only a few business days left in 2014, there may be just enough time to take advantage of this tax savings technique.

Also included in the package was the Achieving a Better Life Experience (ABLE) Act, which allows the families of people with disabilities to set up a tax-free savings account to cover qualified disability-related expenses.

For further details on the legislation, visit:

https://www.congress.gov/bill/113th-congress/house-bill/5771

For tips on year-end charitable planning, visit:

http://www.irs.gov/uac/Six-IRS-Tips-for-Year-End-Gifts-to-Charity

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