Fidelity Charitable Suggests Strategies for Charitable Giving in an Uncertain Tax Environment
BOSTON - (BUSINESS WIRE) - Fidelity Charitable, an independent public charity with a national donor-advised fund program, has launched an online Giving & Taxes Center (www.fidelitycharitable.org/givingandtaxes) to help financial advisors and donors as they consider the best approaches to funding charitable giving plans now and in the future. The center offers four strategies that can help donors make the most of the 2012 tax environment and prepare for potential tax changes in 2013.
If Congress does not act before the end of this year, the 2001 and 2003 tax cuts will expire, causing many taxpayers to face higher tax rates and see the return of an overall limitation on itemized deductions, among other changes. In addition, President Obama has proposed tax changes that if enacted could impact the tax advantages donors currently see for their charitable gifts.
"Donors care deeply about the causes they support, and understanding the tax environment can help them give even more to charity," said Sarah Libbey, president of Fidelity Charitable. "The tax rules could change in 2013, but the majority of the rules for 2012 are certain and there are steps philanthropists can take to maximize their giving now so they can meet their charitable goals this year and in the years ahead."
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