Help Your Favorite Charity while Reducing Your Taxes!
The end of the year is upon us, so now is a great time to consider a Qualified Charitable Distribution or QCD. As Dustin Mundorf with Mundorf Wealth Management explains to Erin Kennedy, this is a great way to make a large gift to your favorite non-profit while lessening your tax burden.
When structured correctly, a QCD allows your donation to go directly from your IRA custodian to your chosen charity. Not only can it be counted toward satisfying your required minimum distributions or RMDs, but it also decreases your adjusted gross income. Keeping your taxable income lower may mean increased eligibility for certain tax credits and deductions, as well as increased net benefits under Social Security and Medicare.
Mundorf Wealth specializes in holistic tax planning. If you’d like to determine if a QCD is right for you, reach out to Dustin with a call or text to 830-476-2505 or by visiting www.LongLiveMyMoney.com.
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