Potential tax reduction opportunity for U.S. taxpayers

joyfulguyNovember 1, 2005

After my two hour allocation of time on central library computer expired on Sunday, I was reading in the New York Times how a number of charitable agencies are worried that the big fuss over the tsunami in south Asia and the hurricane damage in the U.S. may result in substantially reduced income for many of them.

So the government has allowed that for the rest of this year a substantial increase in the deductible level of contributions to various (all?) charities are being granted.

That's about the only information that I can offer.

See info in New York Times of Thursday, Oct. 27, on P. 23.

Ask your accountant, financial advisor or local IRS office about the details, I'd say.

Good wishes to all for an increased contribution, if you get that extra tax advantage.

They're having a terrible time in Pakistan, these days.

ole joyful

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joyfulguy

Hello again everyone,

There's a thread over on "Kitchen Table" with a similar title and someone posted a copy of the New York Times article over there.

Also some discussion of the situation.

As of 7 p.m. Eastern Thurs. Nov. 3 it's on page 1, and pages move 2 - 3 - 4 daily, over there.

Try a "Search" if you can't find it easily.

Good wishes to everyone for considering the tax implications of your use of assets.

ole joyful ... twenty years a personal financial advisor (selling no financial products during the latter 19 of them)

    Bookmark   November 3, 2005 at 6:57PM
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joyfulguy

If some of you missed this before - it's still available - for another three weeks.

How about making some charitable donations instead of giving gifts to some of our usual gift beneficiaries, this year?

The sufferers from the hurricane will need help for some time - as will many of the millions whose homes (and much of whose stuff) was destroyed in that terrible earthquake in Pakistan. And it's on the edge of severe winter in that area.

Their need is far greater and more immediate than almost all of ours, I think.

Not a pleasant boat to be in, if you'll pardon the variation in metaphor.

Good wishes to everyone for the rest of the year.

ole joyful

    Bookmark   December 8, 2005 at 2:28PM
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