Are you closing out the year on a high note? If so, consider giving to charities to offset potential capital gains taxes. With so many questions surrounding possible new tax laws in 2018, it may be more important than ever to take advantage of charitable giving opportunities before the end of the year. That’s because if your tax burden reduces in 2018,
so will the tax value of those charitable contributions. If you are unsure of which charity you wish to support, you can always open and fund a Donor Advised Fund. The contributions made before December 31 are deductible, even though you don’t designate the charities until 2018 or even further into the future. Also, there are laws in place right now that can make giving even more beneficial. For example, if you’re
70 ½ or older, you can donate up to $100,000 from your IRA as part of your Required Minimum Distribution to charity each year,
tax free.