Now that the Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law, you’re probably wondering if and how it applies to you. We recently put together an educational video on the key provisions for individuals and small business owners.Read More
If you’ve been able to remain in a comfortable financial position amidst the COVID-19 pandemic, you may be wondering if and how the newly passed CARES Act legislation may impact you. Financial advisor J. Peter Doyle reviews some strategies.Read More
Beginning in 2018, many individuals and families lost the ability to fully deduct charitable donations as an itemized deduction. This is due to the doubling of the standard deduction and the limitation of many itemized deductions as part of the Tax Cuts and Jobs Act of 2017. For those over age 70½, a qualified charitable distribution can be a great way to make a charitable donation in a tax-efficient manner.Read More
Did you know that women are more likely to give to charity, tend to give more to charity, and are more likely to volunteer compared to men?
Based on survey results published by Fidelity Charitable, women are also more likely than men to seek advice from professionals when making decisions about their charitable giving.Read More
Yes, that is Pease, not peace.
Donald Pease was a Congressman from Ohio who inserted a “stealth tax” into the Omnibus Reconciliation Act of 1990. The purpose of this Pease limitation was to raise revenue by limiting itemized deductions for high income earners.Read More
Now that the dust has settled a bit from the new tax law, it’s time to talk about tax planning strategies moving forward into 2018. There certainly are a number of changes packed into the latest legislation; however, we will be focusing on the new, increased standard deduction and how that will impact your charitable donations.Read More
Community foundations across the country are working hard to improve their local communities, but many people are not aware of how they work or the benefits of partnering with them. Here’s an example of how Savant partnered with the Community Foundation of Northern Illinois (CFNIL) in a guest blog from their president, Jon Bates.
In November, Savant Capital Management received the 2015 Best-in-Business IMPACT AwardTM, part of Schwab’s annual IMPACT Awards® program which recognizes excellence inRead More
The ALS Ice Bucket Challenge spread like wildfire across social media. And while we saw many young people take the challenge, we have to wonder – did they comprehend the deeper idea behind donating to ALS, or did they just have fun dumping ice water over their heads? This thought led to an array of questions about the value of charitable giving and how to teach it at a young age to ensure it evolves into a habit and notRead More
You hear about them every once in a while: the lady that worked an ordinary job and her estate left over $4 Million dollars to her favorite charity. How did she get there? Was she the recipient of a sizeable inheritance? How could she accumulate such a large chunk of money? Today’s environment finds many people struggling with personal financial issues. How about the other side of the coin: what traits can you develop to put yourself (andRead More
Do you want to simplify your charitable giving plan? Do you want the benefits of a family foundation without all of the complicated regulations? If you answered yes, you may want to consider using a Donor Advised Fund (DAF).
DAFs have become very popular in recent years. The concept is quite simple. An investor (donor) can open an account at a sponsoring company. Fidelity and Vanguard each offer DAF accounts. Our local community foundation also offers a DAF. OnceRead More
I will never forget the year Mom received “Buttercup.” She had religiously collected every ornament from Hallmark’s Mary’s Angels Collection. But she missed Buttercup one year. She had come to accept the fact her collection would never be complete. When she opened her gift and identified the lost treasure, she cried tears of joy.
Ask any child if they would prefer to get a gift or give a gift, the answer becomes abundantly clear. However, as we mature into young adultsRead More
Did you know that the federal government has established guidelines for gift tax exemptions and gift tax rates for all property? While these guidelines are generous– everyone has a lifetime gift tax exemption of $1,000,000– it’s still important for you to understand them.
In 2007 and 2008, the IRS determined that gifts under $12,000 per person, per year, were exempt from a federal gift tax. Gifts over the annual $12,000 per person limit are called “taxable gifts.” In theRead More