Taxes

The Perfect Time for "The Perfect Question"

If there was ever a year when your organization should be receiving gifts of securities, this is it.

What's your AGI?

Whether you have already filed your current year taxes and received your refund, or if you are still procrastinating and have no plans to do your taxes before April 15 – do yourself a favor. What is your Adjusted Gross Income (AGI)?

Weird Facts About Our Tax Code

A recent article in Forbes magazine about the 2012 changes to federal tax laws put the complexity of the laws into some perspective. Here are a couple of fun questions based on that article.

Applicable Federal Rate (AFR)

The AFR is also known as the IRS Discount Rate. It's part of the calculation used to determine the charitable deduction for planned gifts such as charitable remainder trusts (CRTs) and gift annuities. The higher the AFR, the higher the deduction for CRTs and gift annuities, and the lower the tax-free portion of the annuity payment.

Capital Gains and Losses

Almost everything owned and used for personal or investment purposes is a capital asset.

Ordinary Income Tax

For gift officers, income tax is an important thing to have a handle on, because the charitable deduction reduces taxable income and therefore reduces the amount of income tax due.