Up to Tax & Estate Planning

“Congress adjourned
with a lot of unfinished

business on tax and budget issues,” says Shahira Knight, Fidelity government relations vice president. “They’re scheduled to return after the election to deal with these issues in a lame duck session of Congress. If a deal isn’t reached, action could even be delayed until 2013, and that may be an unsettling prospect for investors and markets.”


Smart Giving Solutions in Uncertain Tax Times

Four philanthropic strategies to help you benefit from current tax laws

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

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.
Learn more

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 >

icon: Question Mark
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.

Information provided is general and educational in nature, and should not be construed as legal or tax advice. Fidelity Charitable does not provide legal or tax advice. Content provided relates to taxation at the federal level only, and availability of certain federal income tax deductions may depend on whether you itemize deductions. Rules and regulations regarding tax deductions for charitable giving vary at the state level, and laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy or completeness of the information provided. Charitable contributions of capital gain property held for more than one year are usually deductible at fair market value. Deductions for capital gain property held for one year or less are usually limited to cost basis. Consult an attorney or tax advisor regarding your specific legal or tax situation.