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Milwaukee Journal Sentinel
Posted: Dec. 13, 2005
An end-of-the-year ritual in many households involves charitable giving.
For many, it simply fits with the season: helping those whose plights
seem particularly sad during the holidays. For others, there is a tax
implication. Giving to charity before one year turns into another
provides some handy tax deductions for April 15.
Whatever the reason, there certainly is merit in giving. Locally,
nationally, internationally - the needs are great in a year that began
with the devastation of a tsunami, was blown to bits by a record
hurricane season and reminded us that this community is poorer than
many.
And now comes the news that Wisconsin is not as generous as other states
when it comes to charitable giving. Our state ranks 46th on a
"generosity index" compiled each year by the Catalogue for Philanthropy
that measures the percentage of income given to charity. Rather than
just call us cheap, its president generously said this means we have "a
greater opportunity" to increase giving.
Well, Wisconsin residents do have a reputation for being tight with a
penny. So a special new provision that allows even more of a deduction
on tax returns for donations to charity should be particularly
appealing. In the wake of Hurricane Katrina, Congress passed the Katrina
Emergency Tax Relief Act, a one-time measure that allows a 100%
deduction - rather than the usual 50% limit - on gifts made to public
charities before the end of this year. And that's for any public
charity, not just Katrina relief (which is still, by the way, a good
cause).
So make a list of your favorite charities, and check it twice.
And give.
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