Kars For Kids Way Up – But What Will Happen To Charity With Tax Changes?
Everyone in America will have their paychecks affected by the recent tax changes – but senior citizens will receive a special tax break for any charitable gifts they give this month. There’s a special “IRA charitable rollover” that people older than 70 years of age can transfer $100,000 per year from their traditional IRAs to charity.
While there are many specific rules and you should connect with your tax accountant, the IRA custodian must send your donation to charity directly rather than you taking the disbursement and giving it to charity.
While many charities, including Kars 4 Kids saw a major uptick in 2012 donations at the end of the year, some people, including Republican Ari Fleischer who worked in the Bush White House say they will give less donations due to the tax rise. Interestingly, at the end of 2012, Kars For Kids says their donations were way up – yet Philanthropy News Digest says it’s possible new tax laws could cost charities up to $7 billion a year.
Time will tell – but no matter where one stands politically there are so many charities doing amazingly good work.
Filed Under: Business
About the Author: Menachem was previously a feature article writer for the Milwaukee Journal. He currently runs a small publishing business in Michigan focusing on books and magazines for the tourist industry. He is looking forward to writing for Jewocity and connecting with its readers. More about Menachem