Fiscal Cliff Creates Concern for Charities 12/27/12
CBS 7 News
December 27, 2012
Charities are watching closely as the clock ticks down on the “Fiscal Cliff,” as potential budget cuts, tax increases, and changes to charitable deductions create an air of uncertainty.
Executive Director of the West Texas Food Bank, Libby Campbell, says it's best to donate by the end of this year.
Right now, You can give unlimited amounts of money as a charitable deduction and still receive tax benefits, but politicians are considering putting limits on those tax benefits.
Also, with the beginning of the new year, if negotiations are not resolved, the payroll tax holiday will expire--meaning less money for people to donate.
Campbell says, bottom line, if you want to make a donation, the most beneficial time is now.