Taxes and Timing of Year End Giving

Charitable donations are deductible for income tax purposes in the year that the deduction is actually made.  This means that our last opportunity for giving in 2002 will be December 31, 2002.  Why is this important?  The most obvious answer is that contributions given after the last day of the year cannot be deducted until the next year.  Our receipt of the tax benefit of that gift, the tax deduction on our income tax returns, is thus delayed a full year.
Another consideration here may be our expectations as to our tax brackets in the two year involved 2002 and 2003.  If, for whatever reason, 2002 has been a very good year for us so that we're in a higher income tax bracket than we expect to be in 2003, the tax deduction for our gift to St. John's will be worth more in 2002 than in 2003.  This is because under our progressive tax system, the tax brackets are progressively higher for additional, or marginal, amounts of income.  Your next dollar of income will be taxed at your marginal bracket.  So too, will your next dollar of giving to St. John's produce a tax benefit measured by your marginal bracket.
Therefore, if you expect a higher marginal tax bracket in 2002, it makes sense to ensure that your gift is made no later than  December 31 for both of the reasons explained above.  If you can't deliver your weekly gift in person during the offertory on December 29, it must be brought to the parish office or postmarked no later than December 31, 2002.

PLEASE PRAY FOR

Those in our community who are ill:
Beau Anderson, John Battmer, Donald Beaubien, Marcelline Beseler, Marcella Boomer, Karen Bona, Wayne Carlson, Helen Cmiel, Ann Czech, Louis Czech, Lenore Dougherty, Joe Fellner, Linda Franklin, Bernice Hopkins, Anna Horbatuck, Henry Horbatuck, Mike Kallok, Kevin Keenan, Br. Joseph Katzmarek, Michael Kavanagh,  Esther Knapp, Mary Krenik, Linda Leier, Herb Loscheider, Nancy Mehrer, Rupert Meyer, Irene Mitchell, Lance and Ann Moe, Corliss Moore, Donna Murphy, Ray Nelson, Ben Ruebbelke, Frances Sventek, Ted Spiess, Ed Stich, Richard St. Germain, Sr. , Bob Sorem, Robert Tharaldson, Fr. Greg Tolaas, Frances Vonacek, Donna Waldoch,  Mildred Werner, Linda Zappa.

The families and souls of those who recently have died:   
Frances Chock, Jeremy Wilcox

                                                      Capital
                          Actual   Goal   Campaign
Last week:
                       $30,263  $27,500  $10,996
Since July 1, 2002
                   $608,573 $615,319 $4,549,448

Children  $52.00