The tax law signed last January extended the tax break that allows contributions of up to $100,000 from a traditional IRA to a qualified charity. Taxpayers aged 70½ or older can make a distribution directly from an IRA to a charity. The amount donated is not included in the taxpayer’s gross income and is considered part of the required minimum distribution for the year.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+ , LinkedIn , Facebook, and Twitter.