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Monday February 8, 2016

Advisor Resources
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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IRS Tax Tips for 2015 Returns
Washington News
In FS-2016-8 the IRS outlined seven tax tips helpful for filing your 2015 tax return. There are many new provisions and changes that may affect your tax return. 1. Timing – Because April 15 is Emancipation Day in Washington, the normal deadline for most taxpayers is Monday, April 18. However, due to Patriots’ Holiday in Maine and Massachusetts, residents of those states may file until Tuesday, April 19. 2. Tax Benefits – The Protecting Americans from Tax Hikes (PATH) Act passed in December of 2015. It extended and made permanent a number of tax benefits. If you itemize deductions, you may deduct your state and local sales taxes rather than state and local income taxes. Nonbusiness energy property such as energy-efficient windows, doors, furnaces and other improvements may qualify for credits by using Form 5695. Elementary and secondary teachers who pay for classroom expenses may take an “above the line” deduction. Some tuition and fees may be deducted using Form 8917. Finally, IRA owners over age 70½ may transfer up to $100,000 from their custodian to a qualified charity and the qualified charitable distribution (QCD) will not be taxed. It is reported on IRS Form 1040, lines 15a and 15b. 3. ABLE Accounts – Donors may contribute up to the $14,000 gift tax exclusion amount each year to tax-favored ABLE accounts for people who became disabled before age 26. These accounts enable people who have a disabled family member to pay...
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Charitable Tax Reference
GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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Deduction Calculator
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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Case of the Week
Karl Hendricks was a man with a golden touch. Throughout his life, it seemed every investment idea that he touched turned to gold. By far, Karl was most successful with real estate investments. It...
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Private Letter Ruling
Company reported taxable income as a C corporation until Date 1. Company elected to be taxed as an S Corporation beginning on Date 2. Company deals in residential and commercial real estate. It owns...
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Article of the Month
Introduction Charitable lead trusts have become more attractive as an estate and income tax planning tool. The reason for this is the historically low Section 7520 rates (Applicable Federal Rates or...
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