User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


33° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.
Rain changes to snow tonight. Click Here for details. 

 

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Fiscal Cliff & Charitable Donations

December 28, 2012, 9:50 PM by Angela Kennecke

Fiscal Cliff & Charitable Donations
SIOUX FALLS, SD -

The end of the year has always been an important time for charities because people give in the last few days in order to take the tax deduction.

But the charitable tax deduction could be a casualty of going over the fiscal cliff.

The Make-A-Wish Foundation grants wishes for children with life-threatening medical conditions all year long.  But the end of the year always brings a flurry of donations.

"This is a very important time for charities, but also a fun time as gifts come in and we see how the year ends," Paul Krueger with Make-A-Wish said.

One reason for the year-end increase in gifts is because donors can take a deduction on their taxes if their donation is post-marked or received online by December 31.  If someone in the top income bracket gives $1,000 to charity, the government forgives $300 in taxes.

"I do think the charitable deduction is an incentive for people to give and to give more," Krueger said.

Krueger says people first give because they believe in the non-profit's mission.  But he has seen an uptick in year-end giving because donors are uncertain what is coming next from Washington.

"I think they know that this year they can take advantage of the deduction, so we have seen some gifts.  We've had a couple who called or emailed today planning to make gifts by the end of the year.  Maybe they do it regardless; but I think also in the back of their minds, 'Let's do this this year because we're not sure what will happen next year,'" Krueger said.

If the charitable tax deduction is a casualty of any fiscal cliff agreement, Krueger and other charities worry what that will mean for giving.

"Would they give at the same levels?  Would they be able to give at the same levels? I think that's the bigger question.    We're watching the fiscal cliff and what's happening carefully.  I'm an optimist and I'm optimistic that something is going to work out and we'll continue to see levels of support; maybe differently if some of these changes don't happen, or deduction doesn't continue. I'm confident we'll continue to grant wishes to kids in South Dakota. It just might look different," Krueger said. 

Krueger says he's written to all three members of South Dakota's Congressional delegation asking them to do what they can to preserve the charitable tax deduction.  And it's not just charities and churches that stand to lose.  Other non-profits including arts and education could be out millions if the deduction is eliminated.

Previous Story

Next Story


Comments





Sponsored
Find Local Businesses on KELO Pages!

View business

You may also like

First Look At Badlands Pawn

1/20/2015 3:29 PM

Dollar Loan Center owner Chuck Brennan is releasing the first images of the design for Badlands Pawn, Gold & Jewelry.

Full Story
Rock Stars To Celebrate Pawn Shop Ground Breaking

1/23/2015 11:15 AM

Bret Michaels and Lita Ford will perform at the District on Wednesday, Jan. 28 to celebrate the ground breaking of Badlands Pawn.

Full Story
Wild Sage Grille Changing Ownership

1/20/2015 11:09 AM

While the new owners are not ready to announce yet, Gellerman says they will be remodeling the restaurant to make it their own.

Full Story
Long John Silver's Building To Become Taco Shop

1/23/2015 4:00 PM

The former Long John Silver's on Minnesota Avenue is going to become a Mexican fast food restaurant.  

Full Story
Keg Chicken Back Open In SF

1/21/2015 9:12 PM

A fried chicken favorite is back in Sioux Falls.

Full Story


Events