We make a living by what we get, but we make a LIFE by what we give. - Winston Churchill
Give More and Save More??
It has been said that the baby boomer generation will be the most generous generation in history when it comes to the giving of both time and money. Because giving is so important to so many of you, we want to chime in since it's a personal decision that can have great financial impact.
Today we are looking in particular at giving in the stage of taking an RMD (Required Minimum Distribution). Making a QCD (Qualified Charitable Deduction) was originally a temporary provision in the tax code, but it has become permanent relatively recently. You will want to make sure that you know exactly what a QCD is and are aware of the provisions allowed, because making these QCDs can reduce your AGI (Adjusted Gross Income), which in turn will lower your tax burden. Let me say that again: During the stage of taking RMDs, consider making QCDs to lower your AGI and, thus, your tax burden. I'm pretty sure everyone can get on board with that if you can keep up with the onslaught of acronyms! Check out the thorough article and explanation HERE.
In light of the conversation on charitable giving and our recent post about Pets for Vets (August 1, 2017 post), today we want to highlight another special non-profit that is near and dear to the heart of our client, Dan Carnevale.
Though not a veteran himself, Dan is an active auxiliary member of VFW (Veterans of Foreign Wars) Post 3137 on the Isle of Palms. As you likely know, the VFW plays such an important role in supporting our veterans, both the young and the seasoned. Their biggest fundraiser, the Gene Johnson Annual Golf Tournament, is coming up Sunday, September 10, 2017 at The Harbor Course at Wild Dunes. (Hellooooo, beautiful views!) We encourage you to play if you're a golfer, but we also ask you to consider supporting this critical 501(c)(3) whether it's by joining us in sponsoring a hole or simply making a donation. 90% of the funds that they raise stay local and Post 3137 is an award-winning post, so you can rest assured that your contributions will be put to good use. You can find registration, sponsorship, and donation forms HERE.
Now give yourself a pat on the back... You have survived a blog post full of acronyms! Whew! As always, we wish you the best and remind you to be a good friend by sharing this blog with yours.