Be Charitable (Year-End Tax Moves)

2005 is shaping up to be a banner year for charitable giving. The IRS has eliminated the 50% limit on cash donations. Normally, gifts to charity are fully deductible up to 50% of your adjusted gross income (AGI). This year, however, you can deduct cash gifts up to 100% of your AGI. Another benefit: cash donations are not phased-out by the 3% reduction on itemized deductions for taxpayers with certain levels of income.

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