• Getting The Most From Your Giving: Making Timely Year-End Charitable Gifts Maximizes Tax Benefits
  • May 20, 2003 | Author: Terry L. Simmons
  • Law Firm: Thompson & Knight LLP - Dallas Office
  • Many people plan and make charitable contributions before year-end to realize maximum tax benefits as soon as possible. Because 2003 income tax rates are unchanged from 2002, deductible gifts made before the end of 2002 will produce the same tax saving as those delayed into 2003. However, contributions made by December 31, 2002 will reduce taxes on returns filed by April 15, 2003, missing that date delays tax savings by a full year. Charitable gifts should be made well before Christmas, and with due consideration to these key factors.