42 THE QUEENS COURIER • QUEENS BUSINESS • FEBRUARY 14, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
queens business
Elder Law Minute TM
Charitable Giving Options Under the New Tax Law
BY RONALD A. FATOULLAH, ESQ.
AND DEBBY ROSENFELD, ESQ.
People oft en make contributions to
charities for a variety of reasons. A charitable
contribution is the outward manifestation
of a person’s altruism and generosity.
An added benefi t, however, is the
positive eff ect such a donation has on an
individual’s tax return. Unfortunately,
the new tax law has made it harder for
taxpayers to claim a tax deduction for
charitable contributions. Th ere are a few
options available for people to maximize
the benefi ts from their contributions.
Th e Tax Cut and Jobs Act, enacted in
December 2017, nearly doubled the standard
deduction to $12,000 for individuals
and $24,000 for couples. Th is means
that if a person’s charitable contributions
combined with his/her other itemized
deductions (e.g., home mortgage interest
or medical expenses exceeding 7.5%
of adjusted gross income) are less than
$12,000 a year, it will make sense to use
the standard deduction ($12,000) rather
ELDER LAW
than itemizing deductions because
the standard deduction will lower the tax
bill more. For most taxpayers, utilizing
the standard deduction will be the better
option.
If a person still wants to capitalize on
the tax benefi ts of charitable giving and
has the fi nancial means to do so, one
option is to double one’s charitable contribution
in a given year and then skip the
donation for the following year. As an
illustration, instead of donating $10,000
in 2019, one can give $20,000 in the following
year. Because the $20,000 contribution
exceeds the standard deduction
of $12,000, the taxpayer would be able to
itemize his/her deductions in such year.
Another way to focus on charitable giving
is to establish a donor-advised fund
through a public charity. A donor-advised
fund allows an individual to contribute
several years’ worth of charitable
donations to a fund and receive the
tax benefi t immediately. Th e money
is placed in an account where it can be
invested and can grow tax-free. Th e individual
donor can then make donations
to charities from the fund account at
any time. Additional donations can be
made to the fund in the future. As with
any investment, one must do adequate
research before establishing a donor-advised
fund. Th ere may be fees associated
with the contributions and limitations
on what charitable contributions can be
made. We recommend consulting with a
fi nancial advisor before taking any steps.
One fi nal suggestion relates to those
taxpayers who are taking distributions
from their IRAs. A person can opt to
donate these distributions directly to a
charity through a qualifi ed charitable
donation. Th e distributions would then
be excluded from the person’s income,
resulting in lower taxes. Th e donation
must be made directly from the IRA to
the charity and diff erent IRAs have different
rules regarding the logistics of the
distributions.
For people who engage in charitable
giving, it is of the utmost importance to
consult with one’s fi nancial planner and
estate planning attorney to navigate this
area in the most clear and effi cient way.
Ronald A. Fatoullah, Esq. is the founder
of Ronald Fatoullah & Associates,
a law fi rm that concentrates in elder
law, estate planning, Medicaid planning,
guardianships, estate administration,
trusts, wills, and real estate. Debby
Rosenfeld, Esq. is a senior staff attorney
at the fi rm. Th e law fi rm can be
reached at 718-261-1700, 516-466-4422,
or toll free at 1-877-ELDER-LAW or
1-877-ESTATES. Mr. Fatoullah is also
a partner with Advice Period, a wealth
management fi rm that provides a continuum
of fi nancial and investment advice
for individuals and businesses, and he
can be reached at 424-256-7273.
RONALD FATOULLAH
ESQ, CELA*
editorial
Employment Matters: The Power of Keywords
Dear Mindy, I am trying
to create a resume and have
been told that keywords are
extremely important. How
do I fi nd the best keywords
to represent my skills?
Seeking in Queens
Dear Seeking, Th e power
of keywords goes far beyond
your resume. Keywords
provide information about
your skills, qualifi cations,
experience and accomplishments.
Since most resumes
are fi rst scanned by applicant
tracking systems (ATS),
your keywords are oft en the reason
your resume either will or will not be
read by the recruiter. However, there
are many other places to insert keywords
to make an impact during your
job search. Here are a few:
NETWORKING: Oft en the people
you meet while networking will provide
the pathway to your next job. Th at
is why it is so critical to understand
which keywords can best describe
your experience and skills
and include those words
in your conversation. You
only have about 30 seconds
to make an impression on a
new acquaintance. Practice
using keywords that
describe you before your
next networking event.
Words that express skills
such as collaboration, communication
and motivation
will make an impact on your
audience.
LINKEDIN PROFILES:
LinkedIn is the number one
resource for recruiters to fi nd qualifi ed
candidates. Th ey fi nd candidates with
keyword searches. Th erefore, when
you create your profi le remember to
include keywords in your profi le summary,
job descriptions and education
section. It is important to also include
volunteer activities, board positions,
professional affi liations as well as honors
and awards.
RESUMES: Use keywords in your
summary, list of achievements, job
responsibilities and education sections.
Th ese keywords should include
both hard skills such as programming
profi ciency or data entry speed and
soft skills such as initiative, innovation
and team leadership. Be prepared
to expand on these skills during your
interview.
COVER LETTERS: I am oft en asked
if cover letters are still being used.
Th e answer is… absolutely! Recruiters
read cover letters to determine if you
will be a good fi t for their organization.
Th ey will look for proper grammar,
writing skills and keywords that
fi t the job posting. I recommend keeping
the cover letter short and using
bullet points to highlight the skills that
will interest the recruiter for the position
you desire.
INTERVIEWS: Once you design
your resume with keywords it will be
easy to include them in your interview
as well. Listen carefully to the
questions and respond in a thoughtful
manner. A simple keyword or phrase
can communicate your experience in
a way that will diff erentiate yourself
from the competition.
THANK YOU EMAILS: When hiring
managers are deciding between
two equally qualifi ed candidates, they
may use your follow up skills to make
a hiring decision. So be sure to follow
up with a well-craft ed email to show
your interest and be sure to include
the keywords that were discussed at
your interview.
If you know how to use keywords
you will be able to showcase your experience
and advance your career in a
meaningful way.
Mindy Stern SHRM-SCP, SPHR,
ACC is a career coach, author, speaker
and trusted advisor. Contact Mindy
for a complimentary strategy session to
discover the power of keywords. Visit
the website at www.aimresourcegroup.
com to learn more. Do you want your
question answered in this column?
Send your request to mstern@aimresourcegroup.
com.
EMPLOYMENT
MATTERS
MINDY STERN
SPHR, SHRM-SCP,
link
link
link
/www.aimresourcegroup
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