Special Messages

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With the new tax code, it has become more difficult to find deductions that exceed the standard amount allowed.  But, are you aware that the IRS has established a procedure whereby you can reduce your taxable income by a special technique that involves charitable gifts that do not count toward your taxable income?  For example, if you have a traditional IRA that requires you to take a required minimum distribution that is added to your taxable income each year,  IRS code Sec. 408(d)(8)) allows you to have your investment firm deliver a charitable gift from your required minimum distribution to appropriate agencies such as churches, designated charities, etc.  You do not touch that money and consequently, it is not included in taxable income for tax reporting purposes.  This has become a popular technique for reducing the tax obligation to the IRS while satisfying charitable obligations.  If you would like more information please contact your financial advisor or our Treasurer, Bill Raduege, through the church office at 715-588-7150.