It's Time For Year End Tax Planning As December 31 approaches quickly now is the time to make sure you have your financial house in order for the year end. Here are a few things to consider helping with tax issues and year-end financial planning. 1.   Consider making a gift to charity from your IRA. Currently if you are 70 1/2 or older you can transfer up to $100,000 directly from an IRA to the Triangle Education Foundation or other charities of your choice without those funds being treated as a taxable distribution to you. This will in turn reduce the minimum distribution you will be required to take from your IRA in the future. This opportunity is due to expire on December 31, 2009. This tax-free transfer is especially beneficial if:   You do not itemize deductions.   Your total giving exceeds the maximum deductible percentage of adjusted gross income allowed for 2009.   Your state law does not provide for a charitable deduction. 2.   Donate appreciated stock. While the market has encountered a major slide, in many cases we have seen a rebound, allowing some long-held investments to get back into positive territory--and creating handsome gain. By donating an appreciated investment you are locking in the full value of the investment and saving substantially in taxes. If you have owned a stock for more than one year, you are entitled to claim a deduction at the full market value of the stock AND you do not have to pay tax on any of its gain in value. If you sell that same stock to make a gift to charity you will get the same value of the deduction, but you will have the added burden of paying capital-gain tax on any proceeds in excess of your purchase price. 3.   Maximize deductions. By reviewing all your charitable giving prior to December 31 you can make sure you have taken advantage of all tax savings allowable to you. This is a good time to organize your charitable tax receipts to ensure you have all your records in order--remember all tax deductible gifts regardless of size are now required to have a receipt from the charity acknowledging the gift. By reviewing these receipts you can make sure you have remembered all your favorite charities this year and also maximized the amount you can deduct on your taxes. Many charities make year-end giving easy by offering online donations where you can make a gift right up to midnight on December 31. The Triangle Education Foundation offers a secure online donation portal at www.triangleef.org. 4.   Convert appreciated assets to life income. This is an excellent time to look over your retirement assets and convert appreciated assets which are not providing regular income into a product that will provide you and your spouse a regular stream of income for life. There are several opportunities ranging from the simplest--a Charitable Gift Annuity, to the highly complex--a Charitable Remainder Trust. All offer immediate tax deductions and a life income stream, as well as several benefits relative to estate planning. These are sometimes complex decisions and require evaluation and research. If you are planning to complete a gift like this before the end of the year, please consider getting an early start on the process. Waiting for the last minute to accomplish something that involves meetings with professional advisors, document preparation, and such things as appraisals and real estate environmental reviews can make it impossible to complete a gift by December 31. These are just four quick suggestions for year-end planning. The Foundation is offering a complementary Taxpayer's Home Companion for 2009 Returns. Just contact the Foundation's President, Scott Bova at SBova@Triangle.org or at (317) 705-9803 to get a copy of this brochure. Also check out the Foundation's planned giving web site at http://www.triangleef.org/index.php/Planned-Giving/Planned-and-Estate-Giving.html