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How Many Can You Identify From 1935?Taken at Boston's North Station with a group of school kids on a Field Trip. Maybe you can spot a past relative or maybe even your self!
See the Flying Yankee on Chronicle
The Flying Yankee was featured on Chronicle last year on WCVB, Channel 5, in Boston. You can view this segment, by clicking here.
Donations that Make Dollars and Sense
Please note that this information has not been revised for 2010 so please consult with your tax accountant for current rules. We are working on getting this revised for 2010 and should have the information soon. Thanks
Stock Transfers
The Flying Yankee Restoration Group is set-up to accept stock transfers for anyone wishing to contribute to the restoration in that manner. Just call us at 603 661-3317 and we will provide you with all the information you need. Giving long-term appreciated stock offers you a two-fold saving. First, you avoid paying any capital gains tax on the increase in the value of your stock. In addition, you receive a tax deduction for the full fair market value of the stock on the date of the gift. For income tax purposes, the value of such gifts may be deducted up to 30% of adjust gross income, with an additional five-year carry forward. Example: If you purchased stock many years ago for $1,000 and it is now worth $10,000, an outright gift of that stock would result in a charitable deduction of $10,000. In addition, you permanently avoid paying capital gains tax on the $9,000 of appreciation.
Bequests
While you are considering your 2009 income tax savings, this may also be a good time to consider long-term tax savings. The federal estate tax can still take approximately 50% of your estate at the time of death. That is a higher tax bite than the income tax! It definitely pays to do some advance planning with your attorney and other professional advisors. We hope you will consider a charitable bequest in your will - to benefit us while you save estate tax dollars at the same time. We can also help you by putting you in touch with attorneys and tax specialists if you are considering such a bequest.
IRA Donations
Owners of IRAs who are at least 70 1/2 can donate up to $100,000 a year from their retirement accounts and the firts count toward the owner's required minimum distribution (RMD). You get no deduction, but you do get a tax break because the money is not included in your taxable income as it would be if you withdrew funds for yourself. Again, see your IRA administrator or tax attorney.
Other Donations
You can also give gifts of real estate. This can be especially tax-advantageous. The property may have appreciated in value over the years so that its sale would restuls in a sizeable capital gains tax. If given to us instead, you would avoid this tax and, at the same time, realize a charitable deduction for the full fair market value of the real estate. You can also give a life insurance policty that is no longer needed. You can take the charitable deduction equal to the cash value at the time of the gift and, if annual premiums are still to be made and you cotinue to pay them, those premiums will become tax deductible each year.
Wish to Donate
It is time to start thinking about your end-of-the-year tax strategy and, if you would like to make a donation to The Flying Yankee Restoration a part of your planning, please give us a call at 603-661-3317.
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Flying Yankee presentations:
If your business, club or organization would like to host a presentation on the history, restoration and eventual use of the Flying Yankee, please contact us immediately.
We will be glad to provide an exciting presentation along with a question & answer period for your employees, members or guests.
Presentations are usually 90-minutes in length and include a comprehensive Powerpoint display.
However, we'll be glad to adjust the time either way depending on your particular needs and schedule.
Feel free to give us a call at603 661-3317 or send an E-mail to flyingyankee@usa.net for details on how you can host your own Flying Yankee presentation and help the restoration at the same time!
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