We encourage and assist the tradition of giving to charitable causes. In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction. Some charitable giving strategies also save capital gains taxes, increase income, and provide you, or whomever you designate, with an income for life. Additionally, these types of gifts may provide an estate tax deduction — an important consideration in planning your estate. A wide variety of techniques may be used to maximize these saving opportunities, but the ultimate results may be achieved only by careful planning and analysis. Individuals should not make important financial decisions, including the decision to make significant charitable contributions, without considering the effect they will have on their personal and family wealth planning.
The simplest way to give to a charity is by making an outright gift. Outright gifts can be made either during a person’s lifetime or at death, with the donor receiving tax benefits. The availability and amount of those benefits depend on several factors, and the charitable gift must be properly structured to maximize the tax advantages. Some of the factors we discuss with our clients are:
- The type of property given (e.g. cash, stock, real estate, short term or long term)
- The nature of the charitable organization
- The value and tax basis of the gift
- The potential giver’s contribution base (adjusted gross income, without regard to net operating loss)
- The charitable deduction interplay between or among other charitable gifts made in the same year or “carried over” from prior tax years
Check: There are only two Ufone Prepaid Weekly 3G Internet Packages available. Here are the details: Ufone Packagesfinder The packages automatically expire after a week, so there are no “UnSub” codes.
