Still donating from after-tax dollars? Dr. Friday explains how a Qualified Charitable Distribution (QCD) can save you money while supporting your favorite causes.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Qualified charitable deductions. I still don’t think enough people understand those. Now, given that they keep changing the dates when people have to take the required minimum distributions, but in many cases, people pay money out of their pocket every month to their charity or their church, and that’s after-tax dollars.
Whereas if you are receiving qualified required minimum distributions, you can then take that money, have it directly sent to your charity, and pay zero tax. Called a QCD.
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