Monterey, CA Many Donors Wait Until The Last Day Of The Year To Give To Charity
by Richard Kuehn on 12/04/12
Monterey, CA Many Donors Wait Until The Last Day Of The Year To Give To Charity : View From A Non-Profit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California I've been reading various articles on charitable giving and the conclusions have been mixed. Some journalists have been saying that because of the recent giving for Hurricane Sandy, charitable giving may decline in December but then rise next year because taxes are expected to go up significantly next year for the wealthy. This would make it beneficial to defer giving into 2013 if you are in the highest tax bracket because that bracket will likely rise next year. However, others are writing that it's possible that Congress may start limiting deductions for the highest earners, essentially phasing out the deductibility of many things, including charitable donations. Although I agree that something must be done to raise tax revenues and/or cut government costs, it will be sad if Congress discourages giving to charities. A full 10% of charitable donations are done in the last two days of the year as people in high income brackets scramble to figure out how much taxes they will owe and whether giving will put them in a lower tax bracket. If you are one of those last minute donors, please make sure your donation is made online or via regular mail. Some people make donations on the last day of the year and send it overnight mail via Fed Ex or some other similar service. The tax courts have ruled this is an unwise decision. If you send in your donation and it's postmarked by December 31, it will count as this year's donation. If you send it via Fed Ex and it arrives in 2013, it will count as next year's donation because you have the legal right to recall a FedEx package before it is delivered. If you give, of course, we hope you will give to Hands To Help Seniors! I am proud that we were chosen by Monterey County Weekly as one of the charities highlighted in their annual Monterey County Gives program. If you can afford to give, please donate via the below web site as there are matching funds available via this great program. The way it works is, there is $100,000 in matching funds, and it will be divided pro-rata amongst the participating organizations based on how much they raise. So please help us stay in the top ten fundraisers by clicking here.
Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands To Help Seniors and the individual members comprising the Board of Governors.
