For a bigger tax break, give appreciated stock. You will receive a charitable deduction based on the fair market value on the date the stock is transferred to us, and you'll completely avoid capital gains tax. Make sure not to sell the stock first! It should be a direct transfer.
So, give smart, give stock!
You can deduct up to 60 percent of your adjusted gross income when you make gifts of cash, and up to 30 percent for gifts of property.
If you establish a charitable remainder trust and transfer assets to the trust before December 31, you will be eligible for a charitable income tax deduction this year. You also remove these assets from your estate, which can lower estate and inheritance tax.
Are you wondering how to take more than the standard deduction this year? Consider pre-paying pledges to Fontbonne or adding to a donor-advised fund - potentially enabling you to itemize all your deductions, and increase your tax savings.
You've invested in your IRA. A QCD helps you invest in your legacy.
If you're 70 ½ and older, keep reading: whether you're itemizing or claiming the standard deduction, you can direct up to $105,000 per year tax-free from your Individual Retirement Accounts (IRAs) to charities through Qualified Charitable Distributions (QCDs). (And $105,000 per spouse). If you're 73 and older, QCDs can be used as part or all of your Required Minimum Distribution (RMD). By reducing your IRA balance, a QCD may also reduce your taxable income in future years.
As the new year approaches, it's a good time to review the beneficiaries of your retirement plan and other accounts, and consider making us "part of your family."
If you're making a charitable donation, ensure you're eligible for a yearly tax deduction by meeting these important dates.
Be sure to call us to:
Giving Guidelines
Please remember to check with your advisor or CPA for exact details. The above is drafted to serve as a general guideline and should not be relied on as legal advice.
Questions? Please contact us by phone at (314) 719-3607. We are here to help.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.
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