There is no escaping the ticking clock as the Bush-era tax cuts, enacted in 2001 and 2003, and extended in 2010, are set to expire on December 31, 2012 — unless Congress takes action before that date.

If the cuts expire, many taxpayers will face higher tax rates on ordinary income, dividends, capital gains, gifts and estates; as well as see the return of itemized deduction phase-outs, among other changes. Will Washington beat the clock on this important issue? Maybe, or maybe not.

As you determine your approach to giving this year, keep in mind this year's rules on tax treatment are certain, but 2013 may not be so clear.

Four philanthropic strategies to consider this year-end

Increase donations this year in case itemized deductions become limited in 2013.

Donate appreciated securities to eliminate the need to pay higher capital gains taxes.

Take more income now — and make an offsetting charitable contribution — before a possible income tax increase.

Build flexibility into charitable trusts to prepare for rising estate tax rates.

Regardless of when and how the dust settles on tax issues, implementing flexible giving strategies using a donor-advised fund may help "lock in" better outcomes — for both you and your favorite charitable causes.
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But remember — you must take action by the 2012 donation deadlines to take advantage of current tax laws.

View Fidelity Charitable year-end contribution deadlines >

What's different about this year?

Every year, it's important to review your charitable giving strategies as part of your overall financial, tax and estate planning.

This year, the uncertain tax environment for 2013 and beyond makes determining your philanthropic strategies even more challenging.

Now is the time to consider taking advantage of current tax laws as you make your charitable decisions before the end of the year.