Most charities realize that individuals are more apt to make a donation towards the end of the tax year than ealier in the year. Factor in the holidays and even more reason to think that Americans will be generous at year end.
Congress recently renewed the opportunity for some taxpayers to make a charitable contribution via a distribution from their IRA. Qualified taxpayers can contribute up to $100,000 to qualified charities. More of the details are below:
One of the common year end rituals is to make charitable contributions prior to the end of the tax year. Many charities rely on the year end giving and it is an opportunity for the individual to review their own tax situation and make the appropriate gifts. Here are some thoughts and tips to consider.