Andrew Ewalt's Law Blog

Happy New Year!

Have a wonderful and safe new year.   I will be back in 2006 with more tips and advice.  See you then.

Happy Holidays!

Happy Holidays, Merry Christmas, Happy Hanukkah, Happy Kwanzaa....That should cover everyone.

Charitable Giving Tax Benefits

As the holiday season for giving and the end of 2005 is upon us, you may be considering making a charitable gift.  There are some recent tax law changes that you might consider. 

On September 23, 2005,  President Bush signed into law new tax incentives for charitable gifts.  Many of the new provisions apply to victims of the Hurricane Katrina, but Congress included additional incentives to help support all charitable organizations as well.

1.   The contribution limit for certain outright gifts of cash has increased from 50 percent of adjusted gross income to 100 percent adjusted gross income.

2.  These same outright gifts of cash also are exempt from the three-percent reduction in itemized deductions for individuals with an adjusted gross income over $145,950.00. 

3.  Cash gifts to a private foundation, supporting organization, or donor advised fun do not qualify for the higher limit or the three-percent rule exemption.

4.  These changes may present some donors with an attractive opportunity to fund outright gifts with assets withdrawn from an IRA or other qualified retirement plan.

5.   Under existing law, the maximum amount of cash contributions that is deductible in any one year is 50 percent o f adjusted gross income. That limit is being increased to 100 percent of adjusted gross income in the case of certain gifts made during the period between August 28, 2005 - December 31, 2005.

It is important to speak with your tax adviser to find out how charitable giving can help you.

Hello Again

I want to apologize for not posting as often as I had been.  As this weblog has been somewhat of an experiment for my practice and for the ABA Section of Law Practice Management I need to be doing more. 

There have also been some comments regarding the quality of this blog in comparison to other legal blogs.  Suggestions that if I posted more often I would find more success.  This may be the case however, I have never seen this process as a place for me to post endless commentary regarding the comings and goings of my practice or personal life.  I see the blog as a place for people to get up to date factual information regarding the law, financial and consumer information.  If as a reader you are interested in a true attorney diary this is not your site. If on the other hand you would like to learn how to protect yourself legally and financially (and maybe even save a little money) then you are on the right blog.

I apologize for having been away and will work harder to update the blog more often.  However, I will never just post for the sake of posting something. When I do post it will be with content I feel the reader can benefit from.

Thank you again for your interest.