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Changes in Tax Law for
Charitable Gifts Made in 2005 Only!
Important changes were made in federal tax law
for charitable gifts made in 2005 only by the Katrina Emergency
Tax Relief Act of 2005 signed into law by President Bush in
September. This law gives several temporary tax incentives for
charitable gifts made this year.
Some of these changes are directly related to
gifts in response to Hurricanes Dennis, Katrina and Rita, but
others apply to all charitable gifts!
The generosity of the people of America has been
the highlight of the year. Individuals and businesses have
poured out their hearts and their pocketbooks to those
devastated by these disasters.
Many of you who support Prattville Christian
Academy have made gifts this year, and desire to make additional
gifts, but encounter charitable deduction limitations when taxes
are filed. Because of this, Congress has temporarily suspended
regular limits on charitable deductions for gifts of cash.
There are also important incentives for making gifts from funds
accumulated in Individual Retirement Accounts (IRAs) or similar
retirement accounts.
Only gifts made by December 31, 2005 qualify for
these provisions!
Click here
for detailed information and examples.
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