New tax law brings new ways to donate to AU, other non-profits.Earlier this year, the Pension Protection Act of 2006 became law. This is good news for many Americans United donors--and for the non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. they support. Starting immediately, donors older than 70 and one-half years of age can donate, tax free, up to $100,000 per year from an Individual Retirement Account (IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. ) to Americans United and other qualified organizations. Before this new law came into effect, any amount taken from an IRA had to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report as taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. , and although a charitable deduction could be taken, it was limited to 50 percent of adjusted gross income. AU Development Director Marjorie Spitz spitz Any of several northern dogs, including the chow chow, Pomeranian, and Samoyed, characterized by a dense, long coat, erect pointed ears, and a tail that curves over the back. In the U.S. Nagrotsky urges potential donors to consult their tax advisors to get a full picture of its benefits and rules. She said one element is clear: Gifts must be made directly to the charity (by check or bank transfer) and they cannot be funded with trusts, annuities or other planned gifts. Please contact Spitz Nagrotsky at 202-466-3234 or online at spitz@au.org for more information. |
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