Resources for Advisors

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Washington News
Back-To-School Teacher Deduction

As teachers and students prepare to return to school this fall, the Internal Revenue Service reminded educators of the increased expense deduction available in 2022. In IR-2022-148, the IRS noted, "As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year." The educator expense deduction had been $250 for tax years from 2002 through 2021. However, it is now going to increase in $50 increments based on inflation. As a result, an educator in 2022 may deduct up to $300 of qualifying expenses. If two educators are married, the potential joint return deduction is up to $600. The educator deduction is available for kindergarten through grade 12 teachers, counselors, principals or school aides who work...

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GiftLaw Pro
Charitable Tax Reference

GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...

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Deduction Calculator

The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...

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Case of the Week
Gifts from IRAs, Part 6

Quentin Charles Douglas was the firstborn child in a large family. Throughout his childhood, Quentin's parents worked hard to put food on the table for their children. They also instilled in Quentin

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Private Letter Ruling
IRS Denies Exemption to Condominium Association

Organization applied for exempt status under Sec. 501(c)(4). Organization is a nonprofit mutual benefit corporation. Organization's Articles of Incorporation state Organization is formed as a

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Article of the Month
Golden Age for Gift Annuities – Part III

The American Council on Gift Annuities reports that the most popular age for an initial gift annuity is mid-70's. Because the Quiet Generation was born during the Great Depression and World War II,

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