David writes.....
The end of the year is nearing! The other day, I was beginning to gather receipts and other documents, knowing in a few months, I'll be heading to the accountant to do our taxes. That reminded me that December is a great time to make those last-minute charitable contributions to IRM! Time is running out, so act now! Yes, your contributions to IRM are tax deductible! If you have been watching the news recently, you realize your taxes might be going up next year! What is one great way to hedge against that? Donate to IRM today! Do you own some stock that you want to avoid capital gains taxes on? Donate it to IRM! IRM can accept a variety of donations, and the best part (besides being able to help the museum), is that you can deduct the donation from your taxes.
One of the best things about donating to IRM is that you can direct your money where to go. Of course, we suggest you direct your money to the construction of Barn 14, which helps the museum as a whole. What better way to lessen your tax burden for the year, and help IRM? Donate now, before the Taxman comes! Did I say that donations are tax deductible?
Of course, we here at the Hicks Car Works blog cannot provide financial advice, so please seek the counsel of a qualified tax professional, but remember, your time to make donations for 2012 is running out!
1 comment:
one school of thought says wait with yor donation until the end of the month (assuming you are on a calendar year), If by 12/30 they resolve the fiscal cliff and it means higher taxes, make the donation on 1/2/13 for a bigger ROI on your contribution. If its status quo on the fiscal cliff game, go ahead and make the donation in 2012. Also, when you know what your tax bracket will be, ie 20% on the highest dollars you report, be a sport and add that to your donation, Example:$100 donation, 20% highest tax rate, overall taxes reduced by $20, include this with your donation. I'm going to have a ball with this this year.
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