Making Plans For The New Year - Forbes.com

Making Plans For The New Year - Forbes.com: "Point Of View
Making Plans For The New Year
Arlene Harris and Dana L. Mark, 12.05.05, 6:00 AM ET


NEW YORK - Just as the last of the Thanksgiving turkey is being consumed, but well before the New Year's revelry begins, thoughts should turn toward year-end tax planning, especially gifts to the children all snug in their beds.

First, however, although widely publicized, the charitable giving provisions of the Katrina Emergency Tax Relief Act bear emphasizing. A contribution of cash to a public charity (not a donor-advised fund, supporting organization or private foundation) made between Aug. 28 and Dec. 31, 2005, will not be subject to the 50% limitation of the taxpayer’s adjusted gross income. Such a contribution will also not be subject to the 3% limitation on miscellaneous itemized deduction"