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More Than Just a Building Expansion Update: November 13, 2005
IRS Issues Temporary Suspension of Limitations on Charitable Donations
Contributions must be made between August 27, 2005 and before January 1, 2006
Now is the best time to make a donation to our
“More than Just a Building” Capital Campaign!!!!
Congress has signed the Katrina Emergency Tax Relief Act which includes provisions that are designed to encourage charitable contributions to qualified non-profits before the end of the calendar year. And the good news is that our Beth Shalom “More than Just a Building” Capital Campaign meets these criteria.
Charitable contributions by individuals are subject to the so-called “percentage limitations,” which limit the amount of your charitable deduction to a percentage of your overall income. Contributions of cash are usually limited to 50% of your adjusted gross income, while contributions of property may be limited to 30%. In addition to the percentage limitations, a portion of your itemized deductions is disallowed when your adjusted gross income exceeds $145,950 (in 2005) and this allowance includes any charitable contribution deductions.
The Act SUSPENDS the percentage limitations and the deduction cut-back for cash contributions made after August 27, 2005 and before January 1, 2006. The contribution does not have to be made for Hurricane Katrina relief efforts, but must be made to a “public” charity that is neither a “supporting organization” nor a donor-directed fund. The taxpayer must elect this special treatment. As a result of this new tax regulation, cash contributions made between now and the end of this year to our “More than Just a Building” Capital Campaign may be deducted up to the amount of your adjusted gross income. As always, we encourage you to speak with your tax advisor.
Since our fundraising for our “More than Just a Building” Capital Campaign continues, we ask that as you develop your year-end tax planning; please remember that our Expansion program needs your support.
We will happily accept stocks and bonds as well. Please see a separate article this month in the Scroll discussing the favorable tax benefits of donating stocks and bonds and other property to our Capital Campaign, written by Jay Block.
Please watch for regular monthly updates in the Scroll about our exciting developments. Feel free to call Ron Meliker, Expansion Chair at 410.313.8221 or email him at ronmeliker@comcast.net with any questions or suggestions that you may have. |
Tributes and Memorials Brochure
Exterior and Interior Drawings
More Than Just a Building Expansion Update: October 25, 2005
More Than Just a Building Expansion Update: September 19, 2005
More Than Just a Building Expansion Update: August 14, 2005
More Than Just a Building Expansion Update: March 23, 2005
More Than Just a Building Expansion Update: May 20, 2005
More Than Just a Building Expansion Update: April 15, 2005
More Than Just a Building Expansion Update: February 15, 2005
More Than Just a Building Expansion Update: December 18, 2004
More Than Just a Building Expansion Update: November 18, 2004
More Than Just a Building Expansion Kickoff
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