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Consumers Power Strongest U.S. Economic Growth in Two Years The Wall Street JournalOpinion | 3 Theories for Why G.D.P. Is Up but Job Growth Is Slowing The New York TimesUS economy hotter than expected in third quarter Financial TimesEconomic growth surges in late summer, the highest in two years The Washington PostTrump's economy surges as consumer spending rebounds Politico
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Gas prices fall to four-year lows as millions embark on holiday road trips CNBCU.S. drivers are seeing lower gas prices this holiday season, according to AAA PBSHoliday travelers to save over half billion dollars as gas prices drop to $2.79 per gallon Fox BusinessHoliday
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Holiday retail spending rose 4.2% this season, driven by e-commerce and electronics: Visa report CNBCVisa: Sales are up 4.2% for first 7 weeks of the holiday shopping period but the pace lags last year ABC NewsHoliday spending up solidly in the age of AI - Visa Seeking Alpha
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GM is working to restructure its struggling business in China, where its market share has fallen amid heightened competition, particularly from domestic brands selling low-priced EVs.
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Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that.
What approach is efficient, provides the tax benefits you're after, and also is advantageous for the charity that's on the receiving end?
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One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations whether you itemize deductions on your tax return or not. An added bonus is that the benefits can be large for both the donor and the charity.
Here's How QCDs Work
A QCD is a distribution from an IRA that is paid directly from that retirement account to a qualified charity. QCDs lower your adjusted gross income (AGI) and therefore lower your tax bill. They can also offset required minimum distributions (RMDs), those withdrawals you must take from your IRA each year once you reach age 72. An RMD adds to your income, raising the amount of taxes you pay, but a QCD is excluded from your income. So, for example, if you withdrew $50,000 from your IRA as an RMD, you would pay taxes on that money. But if that same $50,000 was used as a QCD instead, you avoid the taxes while helping a charity at the same time.
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Taxpayers can benefit from QCDs even when they take the standard deduction and do not itemize their deductions. Meanwhile, even though a QCD doesn't count as an itemized deduction, tax
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