Friends, as you consider making a charitable contribution to our cause, please read this advice from a close friend who is a tax accountant: “Fiscal cliff or not, now is the time to do year-end tax planning. This involves considering when to report income and take deductions. In the past, the traditional wisdom has been to accelerate deductions into the current year and to put off income until future years. However, with tax rates scheduled to increase after 2012, tax planning has become more complicated. That said, charitable contributions are a key part of tax planning, and contributions before year-end will be deductible on your 2012 tax return. Charitable contributions in 2013 are a good thing, too; if tax rates increase, charitable deductions become more valuable. At this point, no one knows what will happen with the fiscal cliff, but we do know that charitable contributions will reduce taxes in 2012.”  –Dave

Posted by TeamGBF on Monday, December 17th, 2012 @ 9:43AM
Categories: RAAM