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Daniel R. Cuddy, CPA, CFP®
Personal Financial Representative
Cuddy Financial Services
7 William Street
Auburn, NY 13021
Phone: 315-252-3600
Fax: 315-252-3625
Email: dcuddy@cuddyfinancial.com
2023 Tax Planning Guide
Charitable Contributions
Donations of goods to charity are valued at their market value at the time of donation. You can’t claim the price you paid for the item.
Remember all donations of goods with a market value greater than $250 must have a receipt from the charity, indicating the name of the organization and the description of the non-cash donation.
When donating to charity, ensure the charity is qualified by searching the IRS database. Only donations qualified by the IRS are eligible for tax deductions.
STEP UP IN BASIS
A new fair market value is established for assets received after a donor’s death—a step up in basis—but there is no step up in basis for gifts received during a donor’s life. The step-up in basis sets a new starting value for inherited assets, which can make a big difference if the assets have appreciated significantly.QUALIFIED CHARITABLE DISTRIBUTIONS (QCD)
Taxpayers who have reached age 70 ½ can donate up to $100,000, indexed to inflation starting in 2024, of taxable IRA distributions directly to qualified charities. This satisfies the minimum distribution requirement and is excluded from taxable income. Also new is a tax-free, one-time $50,000 limit in 2023 made directly from an IRA to a life income plan. This limit is indexed to inflation in 2024. Making a QCD can potentially lower your income tax, net investment income tax and additional Medicare tax.CONTACT US
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Cuddy Financial Services and LTM Client Marketing are unrelated companies. This guide was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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