As we approach the end of the year, here are some reminders about charitable giving to your church, another Baptist ministry or to the KBF for the benefit of your church and/or favorite Baptist ministry(s): (1) to claim a deduction you must itemize on Form 1040, Schedule A of your federal tax return; (2) only donations to qualified charitable organizations are deductible; (3) for 2013, an IRA owner age 70 1/2 or older can make a direct transfer of up to $100,000 to an eligible charity, tax free, as a part of the required minimum distribution; (4) the deadline for 2013 “deductible” contributions is December 31, 2013; if your gift is by check it must be written and mailed by December 31 even though it will not be cashed by the charity until after December 31; the same is true with a gift by credit card. For gifts of appreciated assets, and any other assistance you may need, please call Laurie Valentine toll free at 1.866.489.3533.
12 Things to do in 2013- Year End Giving
12 Things to do in 2013-Barry Allen #11
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.