Year-end Giving
As the end of the year approaches, it is always important to review your tax planning ideas in general and specifically your charitable giving plans. You should discuss your charitable giving plans with your financial or tax advisor, but several common themes should be reviewed as you contemplate making your gifts. First, complete your giving by delivering the gift prior to year-end, and when possible allow the recipient to receive it before year-end also.
Another important reminder is to verify that the specific deduction limitation for your tax situation will support the gift that you intend to complete by year-end. Charitable gifts are limited to a certain percentage of our taxable income depending upon the type of property donated and the type of charity or recipient. Charitable contributions in excess of the annual deduction limit can be carried forward for five years. Therefore, the timing and amount of gifts are important considerations with respect to the charitable deduction limitation.
One final reminder is to make sure that your charitable gifts go to qualifying charities, such as Minneapolis Medical Research Foundation, to ensure that they are properly deductible to the fullest extent possible under the tax laws.
If you would like more information on charitable giving, please contact us at 612.347.7680.
