Give Not To The Tax Man
Choosing
A Charity Before January 1, 1998
|
Give Not To The Tax Man |
|
||
Whether you're looking for shelter to offset investment gains, hoping for estate-tax relief or simply want to spread a bit of good will, charitable donations can be an effective strategy.
Yet as controversy continues to follow even the most venerable charities, many donors find themselves reluctant to part with their cash. That's too bad, especially because Uncle Sam has a fond place in his heart for those who give.
One of the most common types of giving, for example, is done by seniors looking to reduce taxable assets. Under existing law, couples can give as much as $20,000 a year without incurring gift taxes. That's an effective way to shield heirs from costly estate taxes.
Then there's the "Charitable Remainder Trust," which enables donors to generate income while avoiding capital-gains taxes.
And while the public's perception of charitable organizations has waned in recent years, there are, nonetheless, plenty of legitimate groups not only willing, but eager to walk you through the sometimes perplexing process in exchange for your gift.
Charity Links
Tips on Tax Deductions for Charitable Contributions