Dec 1988 - On-Line Newspaper Archives of Ocean City

SB
Tis the season for end-of-year giving-with 1988 deductions
With the new year
around die (orner, you may
find It's -simply too late for
most tax-iaving tacto. But
don't forget charitable eontributions.
You can write a check for
or charge a donation at late
as Dec, 3! and stUl deduct
&e amount 19B8 tax return.
Even If you don't have
any cash to spare, you may
iBL be able to make a charitable
contribution. For
example, the ancient family
car pining dust In your
sarage can be an ideal
aonaHon — and deduction,
Consider, too, contribut-
ing other Infrequently used
items, such as old typewriters
or clothes. In addition,
U you do volunteer
work, you may deduct your
unreimbursed expenses for
such Items as transporta-
PROFESSIONAL QUAUTY SIGNS
AT DISCOUNT PRICES!!!
summon
398-6942
Weit A WIIUV. Oe««n 1% Mm Jw»¥ tbltl
your tax return. Once you
meet ttwt requirement, you
may deduct donitlons of
cash or property to any
qualified organization,
Including most religious,
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money management
that waived the gift, and*
In either case, taw people required to Inform donors
educational, Bodal, welfare need to worry about giving about the deduction limits,
tion, telephone tails or uni- and health groups. loo much,
their explanations freforms.
B you have any question CASH DONATIONS quently CUl to indicate the
To deduct your ehiritable about a group's qualifica-
Whan donating cash, market value of Items given
contributions successfully, tion, contact yriur local IRS your charitable deduction in return for a donation —
the New Jeny Sodsty of offle*. The staff there has will usually equal the which makes it wry hard
Certified Public Accoun- access to a book listing amount of your ,, (fift. „„ So ^, „ U
tants suggests keeping organizations eligible to
you donate a
these tax rules In mind: receive tax-deductible con- S35, the entire amount
1TKMIZERSONLY trtbutions
generally deductible.
First things Bnt: you can HOW MUCH However, U you contrib-
only deduct charitable con- CANYOUCIVB? ute to a charity and you
tributions If you itemize on The deduction for charita- receive a benefit from It,
ble wntributoni is Umlted, you may deduct only the
but most people wUl come amount that is above and
nowhere near the maxi- beyond the value of the
mum level. For cash gifts to benefit you receive. For
public eharitleSi the deduc- example, if you lend a nontion
is capped at SO percent profit organization a check
of adjusted gross income, for $50 and in exchange
With donations of long- your twelve a free iubseripterm
capital-gains property, tion to a mapilne normally
luch as itocki, the deduc- costing $20, you may
tion Is Umlted to no more deduct only $30'as.a chari-
than 30 percent of adjusted table contribution,
gross Income.
While charities are
fo out in» proper teettoM on: ->
generous this year and
donated propBty valued at
the form. ->•*
wow than 13,000, you wUl D the holiday season ta.«
asset that you have held have to hire a "qualified tugging at your heart* and*
less than nix months, you appariser* to verify the purse strings, you m»Ji
will probably be able to value of your non-cash gift want to consult a qualified
deduct only your "bub,*
tax expert for some p»eti« >
or the amount you paid (or
ad advice on how to r-the
property.
You should also be aware
* • tasqsayer to know the that donations of appreci- mm subject to a
ated property may be con*
uyouwUlhave Tfce ««ete
dldered a "preference" Mm to submit a copy of the money*
and thus make you written appraisal along
any particular contribution vulnerable to the Alterna- with form 8283, Make sure
you have made or plan to tive Minimum Tax — and
make mil year, ask the possibly a higher tax bill.
charitable organization to
provide you with a break* SUBSTANTIATING
down of your gift that YOUR DONATION
clearly states how mmft of The ffiS requires you to
your donation is tax-de- substantiate the value of
ductible.
your donation. If your gift
U worm less than $500, the
DONATING process is fairly Bimple.
PROPERTY
If you donate a long-term
asset (one owned mom man
six or 12 months, depending
on the acquisition date)
and the asset has Increased
in value, you can usually
deduct the fair-market
value of the property as
long as the gift is directly
related to the charity's business,
fi^mi-a*. If this la not thi cue, your
1
mU reft©-' •
with torn »», of PuMfc
But you, ihe oupnlttnon
New administrator
named at Methodist
••"!(
homes in OcemOty
the amount or nature of
your gift, and the date on Janet Marvin was
which the donation was recently named adminlBtra-
made.
tor of United Methodist
If the Value of your non- Itomes of- New lersey*B
cash rifts folk between $400 three conUnuing-carc reHre-
And $5,000, you must comwent faculties in Ocean
plete Section A of IR9 Perm
B283. Don't automatically
administrator of J
fiundtt
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residents and the commercial establishments and
Institutions of Ocean City.
Further details concerning trash and recycling
collection will be available later In December. Look
for future advertisements and notices!
I Please Cooperate, it*§ Important For Your
Family and The Futurt of Ocean City
ANY QUESTIONS CALL:
OCEAN CITY PUBLIC WORKS
(609)399-6111 Ext 275