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FEE ONLY - Financial Planning and Wealth Management

Tel: (314) 961-1850

As you may be aware, the increase in the Standard Deduction has increased which may result in you not using the itemized deduction filing (schedule A). The new standard deduction amounts are $24,000 Married/Filing Jointly (prior amount was $12,700) and $12,000 filing Single (prior amount was $6,350). Also, age 65 + Married/Filing Jointly receive an additional $1300 and Single receive an additional $1600. Moreover, the State Tax Deduction on the Itemized Schedule A is now capped at 10,000 which could also lead to taking the Standard Deduction. In fact, taking the standard deduction and offsetting your Required Minimum Distribution with charitable distributions, could result in paying less taxes than in prior years!

You/Your tax preparer will need to determine if you will be taking the Standard Deduction which suggests that you consider making charitable contributions from your IRA (must be 70 ½ to qualify for Qualified Charitable Distributions, QCD).

If appropriate, we can facilitate obtaining check books for just IRA’s, so contribution to charities can be made directly from your IRA.

Of course, we are here to help! Please let us know if you would like assistance to review this topic (As always, we will refer you to your tax preparer as appropriate).

Steve Erken, CFP®

Principal

May 10, 2018 

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Maxele Advisors may only transact business with Missouri and Illinois residents or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements

Contact Info

Maxele Advisors, LLC is conveniently located in Webster Groves, Missouri with ample FREE parking.

MAXELE ADVISORS, LLC
20 Allen Ave.
Suite 330
Webster Groves, MO 63119

Tel:  (314) 961-1850

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