2010 Form 1040 Tax Breaks: Gifts to Charity

The 2010 Form 1040 reflects a number of new tax breaks we want you to be aware of so you can take full advantage of them.  Today’s post addresses changes to the tax laws regarding gifts to charity.

The provision that excludes up to $100,000 of qualified charitable distributions (distributions to a charity from an Individual Retirement Account) has been extended. If you elect, a qualified charitable distribution made in January of 2011, will be treated as made in 2010.

If you have any questions about how this tax extension applies to you, or about tax planning in general, please give our office a call.

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