Spring Fling Fashion Show and Luncheon

On Saturday, March 9, 2013 the O’Connor Hospital Volunteer Advisory Council presents a Spring Fling Fashion Show and  Luncheon at Mariani’s Inn and Restaurant in Santa Clara from 10:00 am to 1:45 pm. Fashions from Designers Corner will be featured. The cost to attend is $45 per person. All proceeds will benefit the O’Connor Hospital Family Center. For ticket information, please call (408) 283-7766.

For tax purposes, we have estimated the fair market value of the event to be $25 per person. Therefore, your tax deductible donation is the difference between your cost and the fair market value. A contribution without attending is fully deductible.

Two Highlights from the New American Taxpayer Relief Act of 2012

The IRA Charitable rollover is back for 2012 and 2013
Donors age 70 ½ or older are eligible to move up to $100,000 from their IRAs directly to qualified charities without having to pay income taxes on the money. Recognizing the lateness of the extension, Congress has provided two special transition rules:

• Qualified distribution made by Feb. 1, 2013, may be counted retroactively for the 2012 tax year.
• A taxpayer, who took a distribution from an IRA in December 2012, may make a contribution to a qualified charity before Feb. 1, 2013, and treat this as a direct transfer.

Estate, gift and generation-skipping taxes: The 2013 tax law permanently preserves the current individual gift, estate and generation-skipping tax to a unified $5 million exemption. This amount will be indexed for inflation each year. The top estate and gift tax rates will rise from 35 percent to 40 percent. The annual gift tax exclusion—the amount you can give to anyone gift-tax-free each year—is now $14,000 ($28,000 for married couples).

Consult Your Tax Advisor Today Because of the numerous changes to tax laws in 2013, everyone can expect to be affected. Consult your tax advisor on what the new tax laws will do to your bottom line and how to plan accordingly