What donors need to know about giving and taxes

Tax laws have changed in recent years with regard to charitable donations. Tom Herman of The Wall Street Journal Online has written an article that gathers much of what donors need to know about the recent changes:

“Humorist Dave Barry once quipped that our tax laws constantly change ‘as our elected representatives seek new ways to ensure that whatever tax advice we receive is incorrect.’ He could have easily been talking about the rules for charitable giving.

"With all the tax-law changes enacted in recent years, it’s easy even for tax-savvy donors to make costly mistakes. Relying on what you’ve done in the past isn’t always a bulletproof strategy.

"The nation’s wealthiest philanthropists, of course, can afford to hire teams of highly trained professionals to help them navigate the thick maze of rules governing tax-favored giving techniques. Most of the rest of us, though, aren’t so lucky – and we can use all the help we can get.

"With that in mind, here are a few significant tax changes in recent years as well as some general charitable-giving advice from accountants, enrolled agents and other tax advisers. …" Click here for the complete article in The Wall Street Journal Online.