The IRS allows individuals to deduct qualified medical expenses that exceeded 7.5% of their adjusted gross income (AGI).
Philanthropy and charitable giving can take many forms – from donating gently used goods to making monetary gifts to charitable organizations. Having open conversations about philanthropy and charitable giving with your family is a way to encourage all members to participate in a common family gifting goal.
Planning was particularly challenging this year due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gains starting next year. On December 16th, it was announced that the Build Back Better bill would be debated further in January but there would be no changes in tax law in 2021.