Things to do in 2011
Getting your finances in order before the year-end
By Jim Thompson
This is the last month of 2011, and there are several things you should consider before the year ends:
+ Pay your pledge in full for 2011 this month.This benefits both our church and the you – especially if you itemize deductions for your federal income tax.
+ Pay some of your 2012 pledge this year. Once again this benefits you if you itemize deductions on your federal income tax. The church will ensure that your payment is credited toward your 2012 pledge.
+ If you had a windfall this year and would like to contribute part of it to our church, pick any effort that you would like to support- for example the Third Century Fund, The General Purpose Endowment Fund (also known as A Piece of the Rock), or any other program of the church.
+ Lastly, as of now, the IRA direct transfer option will end in 2011.
Regardless of your age there is an opportunity for you to help our church while helping yourself as well! If you are fortunate enough to have an IRA AND are old enough to take distributions without a tax penalty (usually age 59 ½), this year - 2011 - can be your friend!
The law providing the ability to donate IRA distributions directly to our church (and other qualified charities) will end in 2011 as of now. The present law allows taxpayers to donate up to $100,000 directly to a charity this year.
Transferring the money directly from the IRA is a way to get a tax break for your donation even if you don't itemize deductions on your tax return. Especially for those who are age 70 1/2 and older and must take a re-quired minimum distribution (RMD) each year regardless of whether they need the funds, this is an excellent way to direct your contribution to our church, meet you RMD need, and realize an income tax break.
Kathy Charlesworth, the church Financial Secretary is available to help you with any questions.