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'Tis the Season for Charitable Giving
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The holidays often are a time of giving not only to our friends and families but also to those less fortunate than ourselves. In addition to the intrinsic positive effects of giving, if you itemize your deductions, you can get an added benefit when tax time rolls around. Here are a few tax tips for charitable giving this holiday season:
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- To deduct any charitable donation of money, regardless of the amount, you must have a bank record or a written communication from the charity. A written acknowledgement from the charity is required for any donation of $250 or more.
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While most of us know that donations to religious organizations and charitable organizations are tax-deductible, it's important to confirm whether donations to a particular organization qualify. There are some types of contributions that never qualify, including
- Social and sports clubs
- Any lottery or raffle
- Giving to individuals
- Politicians and political organizations
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When donating clothing or household items, remember:
- Document the condition of items donated by taking a picture
- Keep the receipt with a list of items donated and their estimated fair market value
- Use online valuation guides from organizations like Goodwill to estimate fair market value
- The items must be in good used condition or better (not torn or extremely faded) to qualify
- The deduction for motor vehicle, boat or airplane donations is usually limited to the gross proceeds from its sale.
- Direct donations to charities from an IRA is a great way to help organizations and save taxes at the same time. This popular strategy allows taxpayers who are 70 ½ and older to make direct, tax-free distributions of up to $100,000 from their IRA to charity. Also, you can now plan on doing this annually, since this tax provision was made permanent with last year's extenders legislation.
We feel very fortunate to be part of a community that continually and generously supports organizations making a difference in the world. If you have any questions about your own charitable giving, please feel free to contact any one of us at our office.
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Historical View of Elections and the Market
The presidential election is over. As investors, what conclusions should we draw from all that we see now and going forward?
Instead of attempting to predict outcomes from historical data, we can regard it as what it is: information. Just as with other widely known information, market expectations associated with election outcomes are already reflected in prices. Nonetheless, the returns during and after election years provide an interesting look at presidential terms from a market perspective.
Thus, we present that data for the S&P 500 Index. For these election periods, there do not appear to be systematic return patterns associated with either the election of a Democratic or Republican candidate.
Even further, this data indicates that the market does not hold bias for or against any political affiliation and it has not had greater regard for either elected party. While the average historical returns shown for the year of the election and the subsequent year were positive, this does not tell us how the market will react to the outcome of the election in November, knowing that other economic factors also play a role in how each year ends.
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Our People Make a Difference
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Another new face has been added to the Mathieson, Moyski, Austin & Co. team. Becky Howell recently joined the staff. Becky has been working in the accounting profession since 1999, working for such companies as Catholic CEO Healthcare Connection and Kennedy Homes. She will be working on client accounting and financial statements. Becky is a graduate of Blackhawk College in Moline, IL, and the Moody Bible Institute. |
| Ron Austin, CPA, partner, and his wife Kim recently attended the 2016 Spotlight Gala for CASA DuPage, of which Ron is president of the board, on Nov. 11 at the Hyatt Lodge in Oak Brook. CASA (Court Appointed Special Advocates) serves a critical need in providing volunteers to support children who are adjudicated as abused, neglected and/or dependent by the juvenile court system. In 2016, advocates spent more than 6,200 hours volunteering on behalf of their young charges. |
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Ron was also recently appointed to the board of directors of the
Carol Stream Chamber of Commerce.
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Brett Mathieson, CPA, partner, picked up his award at the "Best Under 40" awards dinner held on Nov. 17 at Seven Bridges Golf Club in Woodridge. Brett was acknowledged for his contributions as a young professional, including his leadership as chairman of the board of the Wheaton Chamber of Commerce. The 3rd annual "Best Under 40" awards program was hosted by Suburban Life and sponsored by Shaw Media.
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Congratulations to MMA & Co. staff member Meaghan Coltharp and her husband Derek on the new addition to their family. Clara Anne was born on July 21 at 7 lbs., 5 ounces, and has been keeping her parents hopping since her arrival. Her mom reports that Clara is a ray of sunshine with a personality like no other... and a wardrobe of fashionable hairbows to match. Welcome, Miss Clara!
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The holidays are upon us which leads us to thinking of families and children... please join us in supporting the Teen Parent Connection Holiday Gift Drive again this year. You can bring your contributions (toys, baby supplies and/or gift cards) to our office or Wheaton Bank & Trust through Dec. 16 and we'll make sure the young families will receive their gifts through the Parents' Pantry. Also, we hope you will sign up for the Lions Club Reindeer Run 5K, being held this Saturday, Dec. 3, in downtown Wheaton. Meet you at the starting line at 8:30 a.m.!
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The Team at Mathieson, Moyski, Austin & Co., LLP
Mike Moyski, CPA
Ron Austin, CPA
Brett Mathieson, CPA
Brian Eisenmenger, CPA
Jim Mathieson, CPA, Of Counsel
211 South Wheaton Avenue | Suite 300 | Wheaton, IL 60187 | 630-653-1616
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