2012 Annual Report is Here!
The 2012 Annual Report is now available online and has gone out by mail. Please click on the link above to view our current and past reports.
American Taxpayer Relief Act of 2012!
Key Provisions: (Read More by Clicking Here)
The charitable deduction will continue to be coupled with an individual's or household's corresponding tax rate. In other words, there is no cap on charitable deductions.
- The tax rate will be increased to 39.6 percent for individuals making more than $400,000 a year and households making more than $450,000. The previous rate for those earners was 35 percent.
- The estate tax will have a $10 million exemption for couples, $5 million for individuals, and a top tax rate of 40 percent.
- Additional benefits for the long-term unemployed are extended through the end of 2013. Those benefits expired this past Friday.
- A two-month delay of the sequestration cuts.
- The bill extends the IRA charitable rollover through December 31, 2013. This provision permits tax-free distributions to an eligible charity from an IRA held by someone age 70½ or older of up to $100,000 per taxpayer, per taxable year. The provision includes two transition rules to allow donors to make 2012 contributions. First, the extension allows individuals who received an IRA distribution in December 2012 to elect to count that distribution (or a portion thereof) as a 2012 IRA charitable rollover if the individual transfers the amount in cash before February 1, 2013, to an eligible charity. Additionally, the extension allows donors to make distributions directly to eligible charities before February 1, 2013, and elect to have such distributions treated as qualified charitable distributions in 2012. This change may be of particular benefit to donors who would like to take advantage of the rollover in both 2012 and 2013.
- The legislation did not prevent a temporary reduction in the Social Security payroll tax from expiring on Monday, December 31. Therefore, the workers’ share of the Social Security payroll tax that had been lowered from 6.2 percent to 4.2 percent for the past two years will return to 6.2 percent.
Excerpt from COF.org
Have you taken advantage of the North Dakota Income Tax Credit?
Don't worry if you didn't get a chance to benefit from the ND Income Tax Credit in 2012, this generous credit does not expire! Talk to your accountant or tax advisor about how to take advantage of it in 2013! Please click [here] for more information!
Website Highlights
A map-based database displays the funds, grants, and board members from the cities of North Dakota.
Giving to the Foundation
Outright gifts, including gifts of appreciated property, stocks, closely held stock, cash and real estate, are accepted by the North Dakota Community Foundation. The Foundation can also work with you in deferred giving. We offer charitable gift annuities, charitable remainder trust, charitable lead trusts, bequests and the full gamut of deferred tax-wise gifts. Of course, all gifts to the Foundation are fully tax deductible. Please consult your tax advisor for the current limits.
The mission of the North Dakota Community Foundation is to improve the quality of life for North Dakota's citizens through charitable giving and promoting philanthropy. This website is dedicated to that mission.
