January 2011 Tax Planning

Dennis Hutchison, CFP(r), CPA is a principal with Hutchison Whitehead Wealth Management, LLC a fee-only financial planning and asset management firm.

The 2010 Tax Relief Act provides a tax planning opportunity to anybody over the age of 70.5 with an IRA. Contributions made in the month of January 2011 directly to a charity will be deductible on an individuals 2010 tax return. It also enables an individual who missed their 2010 RMD to make a charitable contribution from their IRA and satisfy the RMD requirements as long as it is completed by the end of January 2011.

The information contained herein should not be used in any actual transaction without the advice and guidance of a professional Tax Advisor who is familiar with all the relevant facts. The information contained here is General in nature and is not intended as legal, tax or investment advice. Furthermore, the information contained herein may not be applicable to or suitable for the individuals' specific circumstances or needs and may require consideration of other matters. Hutchison Whitehead, LLC assumes no obligation to inform any person of any changes in the tax law or other factors that could affect the information contained herein.

Category:

Education

Tags:

• IRA
• RMD
• 2010 Tax Act
• 2010 Tax Relief Act
• Charitable Contribution
• Wealth Management
• Hutchison Whitehead

[joemas9]

After my clients pay their taxes (we help taxpayers solve IRS problems), I may want them to have you assist in planning. I was once a CFP but didn't do much with it.