Lynda Doland explains how taxpayers older than 70 ½ can still benefit from donations to charity even if they can no longer itemize.

The number of taxpayers who will itemize starting with 2018 is estimated to drop by 50% due to the changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). Taxpayers who are 70½ or older can still benefit from charitable contributions, even if they don’t itemize, by using qualified charitable distributions (QCD).

How it works:

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Chris Eichmuller, CPA is a manager at Corrigan Krause.

As the holiday season rapidly approaches, food drives and charitable donations are common giving opportunities that many businesses participate in. Did you know your company may be entitled to an enhanced tax deduction if you donate food to a qualifying organization?

Qualifying Donations

Charitable contributions of food need to follow specific regulations under Code (Sec. 170(e)(3)(C)) and go to a qualified orga Read More >>