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This can also benefit individuals facing donation limits.


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This can also benefit individuals facing donation limits. For the next two years, donors 70 ½ or older will be able to donate to charities directly from their IRAs, an accommodation that keeps the donated amount tax-free and avoids tax penalties for early withdrawals. Documenting Items To discourage taxpayers from inflating the value of non-monetary charitable donations for inflated tax deductions, the IRS now requires taxpayers to fill out a form detailing the gifts. This change encourages participation from people who may not otherwise bother to sign up for the plan in the first place, though they will have the option to opt out. Officials at charities such as United Way claim that despite being temporary, this provision will likely bring in tens of millions of dollars. Combined with potential tax savings at the time of contribution, IRAs can prove to be very valuable tax management tools for individuals.
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