Taking Control of Your Taxes
As the year comes to an end, we all would like to take advantage of opportunities to save on this year’s taxes. Here are some tips on saving.
- If you itemize your charitable donation, sending in your donation by 12/31 will allow a tax deduction for 2019.
- If you are 70½ or older, you can lower the income and taxes from your IRA required minimum distribution (RMD) with a Charitable IRA Rollover.
- Establishing a Charitable Gift Annuity can provide fixed income payments for life and a charitable income tax deduction for 2019.
- If you itemize for donations of publicly traded securities held over a year, you may claim a fair market value deduction, and capital gains tax will typically not apply.
For further information and explanation please contact our office at Office@ChicagoChesedFund.org. We will be glad to assist you.
P.S. The year’s not over yet. You can still donate and receive tax advantages for this year by visiting our donate page!