There is always a certain degree of guesswork that goes into year-end tax planning, but this year there is the added uncertainty surrounding what the tax code will look like after Washington completes the overhaul of our tax system. The income tax rates for many individuals and businesses may decrease; the definition of income subject to tax may change considerably as well. Many itemized deductions that we have become so used to, such as the deduction for qualified medical expenses, state and local income taxes and real estate taxes may be eliminated.
但是，如果新规定与上述提议相似，标准扣除将增加一倍，并有可能取消引起争议的替代最低税。Below are some tax-planning suggestions, including suggestions related to charitable gifts, which consider both the typical year-end planning techniques as well as planning for a potential overhaul:
- The current proposals will not allow for itemized deductions in 2018 of unreimbursed medical expenses.Taxpayers should consider scheduling elective vision, dental, and additional medical procedures in 2017 and pay for these items prior to year-end.
- IRA owners over the age of 70 ½ can explore making their charitable contributions directly from their IRA accounts to designated charities in 2017.Subject to limitations, the distribution will qualify towards the taxpayer’s annual required minimum distribution but is not included in their Adjusted Gross Income.
- Maximize the 2017 funding of an IRA, 401(k), Profit Sharing plan or other Defined Contribution Plan contribution,if your 2017 tax rate will be higher than your 2018 rate and before the maximum contribution amounts may be reduced
- Consider pre-paying state and local income tax and real estate tax liabilities for 2017 before year-end(so long as you are not subject to the Alternative Minimum Tax) as these deductions may be eliminated for payments made in 2018.
- Contributing appreciated securities held for more than one year directly to a charity is more efficient than selling the security and contributing the proceeds.使用这种方法的优点是，较低的AGI(不包括对销售收益的识别)将导致较低的AGI相关计算。纳税人在缴纳时可以扣除证券的公平市场价值，这受制于每年AGI的限制。超过限额的缴款可结转到以后各年。
There are many other issues to be considered and each person’s tax situation is unique. Please note that the Arthritis Foundation does not provide legal, tax or accounting advice. We encourage you to consult your personal financial, estate and/or tax advisors before making such decisions, including specific charitable gift arrangements. For more information and helpful tools, please contact our Planned Giving Department atlegacy@arthritis.org, call 866-528-8687 or visitwww.arthritislegacy.org.
Related Resources:
- Learn More About Planned Giving
- Download Your Free Wills Guide
- Benefit from a Charitable Gift Annuity While Doing Good