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Tips for Year-end Giving

Submitted by: Katie Alice Cox on Dec 21, 2010 at 7:48 pm Tagged with: Central Carolina Community Foundation, Donations, tax tips, year-end giving Source: Central Carolina Community Foundation

Central Carolina Community Foundation, a non-profit organization serving 11 counties in the Midlands by helping charitable individuals and businesses meet the needs of our community, offers a few unique opportunities for year-end giving in 2010.

“Because you may use 2010 to make larger donations, a fund at the Community Foundation offers an important solution,” says JoAnn Turnquist, Foundation president & CEO. “Donors can get an immediate tax deduction for the full gift this year, and then you can use the fund to grant annual amounts over the next few years – either to the charities you support or new causes. And that’s what’s great about working with a community foundation. We offer a creative, cost-effective and tax-efficient way for the people of central South Carolina to invest in the charitable causes they care about most.”

Terry Schmoyer, CPA, and managing partner of Schmoyer and Company, LLC as well as a Central Carolina Community Foundation board member, also adds these tips for end-of-year giving in 2010.

• Accelerate your tax deduction for your 2010 tax return. If you donate funds, stocks, or unwanted household items or clothing to a qualifying charitable organization before year’s end, you will be able to deduct this gift on your December 31, 2010 tax return, thus reducing your tax liability when you file on April 15, 2011.
• The stock market has been kind to some in 2010, so if you’re holding low cost basis stock you can leverage your donation by gifting it before December 31, 2010 and deduct the current full market value of the investment instead of your purchased cost. This process could really increase the tax benefit of your donation’s tax deduction.
• Congress passed “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (H.R. 4853), which contains provisions for extending the IRA Charitable Rollover. The provision will extend the IRA Charitable Rollover through 2011. It also gives individuals until January 31, 2011, to make a retroactive donation for 2010.

As always, all persons should discuss charitable giving with their tax preparer or other trusted financial advisor.

For more information about Central Carolina Community Foundation, visit www.yourfoundation.org or call 803-254-5601