Each year, families should spend some time considering the blessings they received during the year. This is also when they may begin to plan for the coming year and think about how they can support ministry works and opportunities at Cedar Valley Church.

If it's Year-End...Acting Now Will Maximize Your Tax Benefits!

Many Americans support churches and charities every year to take advantage of federal and state tax laws that allow them to reduce their tax burden through tax deductions. Such tax deductions are generally regulated, but the timing and amount of gifts are usually within your control.

Recent changes to tax laws have lowered tax rates for most individuals. Because of this, you may want to consider increasing your giving this year to maximize your tax savings.

Reviewing your year-end giving now will enable you to provide maximum support to Cedar Valley Ministries and other Christian Ministries, while realizing potential tax savings.

Remember that your checks and securities gifts, must be postmarked by December 31, 2007 if you want them to reduce your tax bill in April. Careful planning now may help to reduce your taxes by giving this year.

What can you give?

CASH: Most gifts received by ministries and charities are in the form of checks and cash. Depending on your tax bracket, if you itemize your tax deductions, cash gifts can be deducted in amounts of up to 50% of your adjusted gross income.

SECURITIES: Individual stocks, bonds, or mutual funds that have increased in value provide additional tax savings when given to charitable organizations. If you have held the security for more than one year, you can deduct the fair market value for tax purposes, while usually avoiding capital-gains taxes. The current deductible amount is up to 30% of adjusted gross income on qualified assets.

LEGACY GIFTS: Many Christians have begun long-range financial planning that takes into account how they can support Cedar Valley Church beyond their lifetimes and avoid estate and gift taxes for their families in the future. We want to encourage this act of stewardship and help you create a legacy of giving in your family. To begin, you should consider:

* Giving through a will or living trust. You may leave a percentage of "what's left," or a specific amount, after you have provided for your family.

* Retirement plan proceeds or life insurance beneficiary designations. These funds can be used in a way that can result in their not being subjected to gift, estate, or income taxes.

*Gifts such as annuities that can retain income for you or others and provide tax savings at the same time.

There are many ways by which you can give to the Lord and support the ministries of Cedar Valley Church. Thoughtful planning and timing can increase the benefits of each gift as year end approaches.

We would be happy to provide more information to you and your advisors as you contemplate your plans. Please contact Diane Schmiess at 952.854.1100 or diannes@cvchurch.org for more information.