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The American Taxpayer Relief Act of 2012 has temporarily extended the ability of certain taxpayers to make charitable donations from their IRA.
Charitably inclined taxpayers over age 70 1/2 can donate up to $100,000 per year from their IRA to a qualified charity. This is known as a Qualified Charitable Distribution. The donation must be made directly from the … Continue reading »
The Federal Government avoided the Fiscal Cliff...Well, for now any way.
At the very last minute they passed the American Taxpayer Relief Act of 2012. Here are some of the highlights:
The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.
The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.
The highest ordinary income tax rate is 35%. This is scheduled to go up to 39.6%
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.