Update (Part 1): The Fiscal Cliff, Taxes and Charitable Giving
By Mark Hefter, Esq., Director of Planned Giving, American Technion Society and President-Elect, Association of Fundraising Professionals, Greater NY Chapter
The House voted and passed the bill on Jan 1, 11pm, which the Senate passed earlier that morning, that would halt the automatic expiration of most of the Bush tax cuts, effective at 12:00 AM. Here, in brief, are the main relevant points of the bill:
Income Taxes – the ordinary income tax tables that expired last night are to be reinstated, except there is a new 39.6% bracket for joint filers with taxable income over $450,000; for single filers, the threshold is $400,000. Read more
Fundraising Compass 