The folks at EAA want to remind you of the closing deadline for gifts to charities. The organization says that tax benefits are available for gifts to charities if you make sure to itemize your deductions. EAA also kindly reminds us that gifts to the EAA Aviation Foundation (and many other charities, see above) — completed by Dec. 31 — are deductible on your 2002 federal income tax return. Cash and other property you donate for qualified charitable purposes is not generally subject to federal income tax, which can result in welcome savings at tax time. In addition to cash — stocks, bonds, and mutual funds can make excellent charitable gifts … if you are so fortunate to find yourself in abundance. EAA claims that a gift of such an asset may allow you to give with little or no effect on your current expendable income.
