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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
If you still itemize your taxes after the passage of the Tax Cuts and Jobs Act of 2017, donating to qualified charities just became more financially attractive for you.
The Internal Revenue Service also allows anyone operating a vehicle for charitable purposes to deduct 14 cents per mile, the same as in 2017.
The estate tax exemption doubled to $22.36 million per couple and $11.18 million per individual, indexed to inflation, but the standard deduction increased to $12,000 per single tax filer and $24,000 per couple filing jointly, which some observers expect will limit the number of people who itemize. We’ll find out if charitable donors are more altruistic than this prediction once charities add up their donations from 2018.
For example, both you and your spouse might make $15,000 gifts to each of your three children. That’s $90,000. And let’s say you both also give the same gifts to three grandchildren. That’s another $90,000 for a grand total of $180,000 in one year. This can add up over time and become an effective way to transfer your assets to loved ones tax efficiently.
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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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