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About Innovate Financial

This author Innovate Financial has created 2 entries.

Charitable Giving in 2020

New legislation was enacted this year that allows tax deductions on two types ofcharitable gifts. One allows up to $300 as an above-the-line deduction. The second is theability to deduct up to 100% of your Adjusted Gross Income for larger donations. The first type of charitable gift allows up to $300 to be given to a qualified charity andclaimed as an above-the-line deduction. After the Tax Cuts and Jobs Act, which wentinto effect in 2018, increased the standard deduction, many taxpayers

Should You Contribute to a Roth IRA? And Mistakes to Avoid if you Do.

Quick Recap: Roth vs. Traditional IRA: What are the main differences between a Roth IRA and a Traditional IRA? Contributions to a Roth IRA are not tax-deductible when you make them. However, the distributions can be tax-free. This tax-free status for distributions applies to both the original investments and the gains on them, assuming you are over age 59½ when you withdraw the funds and that the account is at least five years old.  In 2020 you can contribute up to $6000 per