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RPC CPAs + Consultants, LLP (RPC) has merged with the nationally recognized accounting firm of Carr, Riggs & Ingram, LLC (CRI) and our offices will now operate under the name of Carr, Riggs & Ingram.
We will continue our tradition of community support and delivering quality audit, accounting, tax, and consulting services - now with enhanced service capabilities available from a regional firm that is one of the Top 20 firms in the U.S. For more informaiton regarding CRI's 50+ office locations, more than 1,800 professionals, or industry and service specializations, visit our new firm's website at www.CRIcpa.com.
In my last article, we talked about doubling up on your charitable donations in order to achieve a tax break. In this article, I want to share a couple of other thoughts.
Many people make annual charitable gifts, and it’s usually at the end of the year. Some of us associate giving with the Christmas holidays; some of us give at the end of the year in accordance with our tax planning. But should we consider giving at the beginning of the year?
First of all, the charitable organization gets to use the funds early in the year. Many organizations struggle to make the funds last the entire year. I personally know of an organization where some of the employees even hold their paychecks until the year end donations come in.
The second reason to make your donations early in the year is to match your heart for giving. None of us are promised tomorrow. While none of us expect to die suddenly or become incapacitated, it does happen. If you make your gift early in the year, you can have peace of mind that your wishes were carried out.
A third reason to make your donations early in the year is to get it out of your estate. Since the estate tax exemptions continue to go up, this is more of a benefit to the wealthy, but it’s worth mentioning.
Now let’s talk about few of the rules regarding charitable giving.
If you’d like to further discuss this article or have other questions regarding charitable giving, please feel free to contact any of our tax professionals at RPC.
Jack Kirkland, CPA
Clovis Office Partner-in-Charge