Archive for the 'Taxes' Category

The IRA Charitable Rollover was a tax incentive in effect in 2006 and 2007 that allowed donors aged 70½ and older to give to charities from their Individual Retirement Accounts (IRAs) without having to count the distributions as taxable income. Because the provision expired on December 31, 2007, it will take Congressional action to restore it. The House passed a bill on May 21st which would restore the IRA Charitable Rollover and other tax relief items. The Senate bill is still stuck in Finance Committee.

This tax relief was particularly beneficial to those who do not itemize their tax deductions and would not otherwise have received any tax benefit for their charitable contributions .

The IRA charitable rollover enabled older Americans to make millions of dollars of new contributions to nonprofits that benefit people every day. Donors cannot give through the IRA incentive until Congress acts to restore the provision.

Contact your Senators and Representative today and urge them to immediately pass the IRA Charitable Rollover.
Click here to find your Senators

Over 95% of taxpayers will receive tax rebates from the Federal government. Some will spend it, some will save it, some will give it away.

Did you know that giving it away will yield a larger benefit than saving it? Here’s proof that by giving you can truly receive:

If a couple in the 25% tax bracket donates $1,200 in rebate funds, they could enjoy $300 in tax savings. A donor who saves the rebate might earn 3% on a certificate of deposit. It would take eight years or more to earn as much as the charitable deduction will save in the year of the gift.

So, invest in the Lord’s work, and always remember your local church first!