QCDs are a great way to support your favorite charities while also reducing your taxable income. In addition, since the contribution is made directly from an IRA, it helps satisfy your required minimum distributions.
Although you do not receive a charitable deduction for the amount donated through a QCD, the amount donated is excluded from your taxable income. This is an indirect way to reduce your tax liability. Making a QCD is relatively simple and involves less paperwork compared to other methods of donating to charity.
When it comes to March Madness, tax planning, or charitable giving, the best defense is often a good offense. With the right preparation, and leveraging our team as your coach on the sideline, you can make great things happen.
If you’d like to discuss the X’s and O’s of charitable giving, please reach out to our team and we can set up some time to talk.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Flagship Harbor Advisors, a registered investment advisor. Munroe Morrow Wealth Management and Flagship Harbor Advisors are separate entities from LPL Financial.
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