SOMA Living April 2022

A commonly overlooked tax deduction, even if you don’t itemize, is the charitable contribution deduction. You can claim up to $600 of cash contributions as a deduction if you are married and filing jointly ($300 for all others). Remember to keep those acknowledgement letters from the qualified charities for both cash and property donations (including stock donations) if any individual donation was over $250. Remember that you have until April 18, 2022 to take advantage of a traditional Individual Retirement Account (IRA) or other tax deferred retirement account. The maximum amount of a contribution to a traditional IRA is $6,000 for individuals under 50 and $7,000 for those of you who are 50 or older. Self-employed people are eligible for higher income and deductible contribution limits by using a simplified employee pension plan (“SEP”) IRA. However, you may have limits to the deduction amount if you or your spouse are currently participating in an employer provided retirement plan, such as a 401(k). If you have questions regarding your taxes, feel free to contact us at 973-378-3300 or info@ coutodefranco.com. TAX TIP FOR APRIL SPONSORED BY COUTO DE FRANCO, CPA

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APRIL 2022 | SOMA LIVING 19

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