Congress passes permanent charitable giving incentives

Tax filing time is right around the corner. And Congress has passed the PATH Act making two laws that had expired on January 1, 2015, permanent thereby giving you greater incentives to donate to charities this year and beyond:

·       You are now allowed to donate real property for conservation purposes

·       If you are older than 70½, you many now make charitable donations from your IRA directly to a qualified charity, without being taxed on the distribution amount up to $100,000

Interested in more ideas to reduce your income and estate tax bills while helping your favorite charity? Then download a copy of A Donor’s Guide to Planned Giving. 

You only have 6 months to act!

As I wrote yesterday morning, the file-and-suspend strategy many Americans have used to boost their Social Security benefits is on the chopping block. And I warned that if you are considering using this idea, you better act quickly.

Well, later in the day news came out that a provision to eliminate this tactic is within a bill that averts a government shutdown. Congress has agreed to it, and the President is expected to sign it any moment.

But you’ll still have six months after the bill is signed to file-and-suspend your Social Security payments.

So now you have a deadline. Don’t dawdle. Once it’s gone it’s gone forever, which could mean losing thousands of dollars in benefits.