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Sunday, July 23, 2017

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Charities under pressure as givers face tax uncertainty
Sandra Block - USA Today

November, 2010

Uncertainty over future tax rates and the end of a popular tax break for seniors could cause givers to postpone or reduce charitable contributions this year, putting pressure on charities already struggling with a decline in donations.

The fourth quarter is traditionally the time of year when many large charities receive the majority of their annual contributions. In part, that's driven by tax considerations: donors who make their contributions by Dec. 31 can claim the deduction when they file their tax return for the year. But political gridlock has turned that strategy upside down, charitable experts say.

Reasons donors are rethinking year-end contributions:

• Expiration of a tax break for individual retirement account owners. In recent years, seniors 70 ½ or older could withdraw up to $100,000 from their individual retirement accounts tax-free, as long as the money went directly to charity. The amount withdrawn counted towards the IRA owner's required minimum distribution for the year.

Read more at USA Today  .

 



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