Gifts and Contributions Tips That Work All Year-Round
Make Sound Gifts & Contribution Decisions With These Gifts and Contributions Tips
Gifts and Contributions Decisions can really create indecision this time of year when you are deciding whether to give presents or money . . . or even make those end-of-year last efforts to give donations and contributions.
For some gift giving, gifts and contributions will be a luxury this year while for others, it will be a welcome relief from shopping, traffic and crowds. Whichever category you find yourself in, I hope you find a way to celebrate the season with family and friends in a special way!
Here is some helpful gifts and contributions information to help you make those gifts and contributions kinds of choices.
Some of this gifts and contributions information is technical and I would advise anyone to seek out the services of their CPA, Tax Attorney or Tax Advisor for specific, relevant advise or cash gift giving information.
The IRS has declared that for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means a person may leave $5.45 million to their heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.
Gifts And Contributions Tips:
You may not deduct contributions made to specific individuals, organizations that are political, and individual political candidates, your time as a value, or services and the cost of raffles, bingo, or other games of chance.
To be deductible, contributions must be made to qualified organizations.
Organizations are listed by the IRS and they can tell you if they are qualified or not, and if donations, gifts and contributions made to their organization are deductible.
IRS.gov has an exempt organization search feature to help you see if an organization is qualified for gifts and contributions.
IRS Publication 78, Cumulative List of Organizations, lists charitable organizations except those that were most recently granted tax exempt status.
Pub. 78 is available online and in several public libraries. Also, contact your local CPA, tax advisor, or tax attorney for more gifts and contributions information!
Don’t wait to get your gifts and contributions information ready – Plan Early!
THIS ARTICLE IS CONTINUED ON PAGE 2 –