WISE GIVING UNDER KENTUCKY TAX REFORMS
It is important to be wise with the resources God has entrusted to you. To that end, earlier this year we highlighted two ways to give that have always been great options but could now be even more attractive under federal tax reforms—giving non-cash appreciated assets and choosing a charitable IRA rollover.
Did you know that Kentucky also passed some significant changes to its tax code this year? These changes emphasize even more the value of charitable contributions in not only doing great work in our community, but also in reducing your tax burden. For Kentucky taxpayers that itemize deductions, the only itemized deductions that will be allowed are those for mortgage interest and charitable contributions. All other itemized deductions were eliminated in Kentucky’s tax code.
Consider making an additional contribution to Assurance before the end of the year to save lives and boost your deductions for your KY tax return. Check again to see if those strategies for wise giving under federal tax reforms are a good fit for you. Please consult with your tax advisor about making these types of contributions to Assurance.