Charitable giving in the holiday season
As we approach the holiday season and reflect on the good fortune of the past year, many individuals heed the charitable call by making gifts, either to privately funded foundations or to larger public organisations. Whatever the preference, it is important for US taxpayers to remember that the US income tax deduction is only available for contributions to charities organised in the US. Further, contributions to favourite charitable organisations must be made by 31 December 2013 in order to obtain an income tax deduction for the current year. Individuals who make contributions in excess of the allowable income tax deduction (normally either 30 per cent or 50 per cent of adjusted gross income) can carry forward the excess for five years.
This is also the last opportunity for UK taxpayers who were liable to income tax at 50 per cent in 2012–13 and who have yet to file their tax return for that year to obtain Gift Aid relief on last year’s additional rate income as gifts made in the 2013–14 tax year can be carried back to 2012–13 for UK tax purposes. US persons who want the tax break in both the US and the UK need to take action before 31 December…
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