IRA Gift Video
Learn more about IRA Rollover Gifts by watching our IRA Rollover video.
Click here.
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One of the constants in our changing tax laws is the recognition of the vital role charitable organizations play in the building of strong communities. For this reason, our tax laws continue to leverage every dollar given to a qualified charitable organization by providing a charitable income tax deduction. And while most Americans may be familiar with the terminology, it is easy to overlook the bottom-line impact of a simple gift.
In fact, when an individual or family chooses to write a check to charity, the Federal Government actually picks up a portion of the amount given in the form of an income tax deduction. So, let?s look at an example of how the government covers part of the gift.
Mrs. Sample wants to make a $1,000 gift to her favorite charity this year. Therefore, she gives her favorite charity a $1,000 check. As a result of her gift, Mrs. Sample receives a $1,000 income tax deduction. Assuming a 30% tax bracket, Mrs. Sample may save $300 in taxes. In other words, Uncle Sam ?pays? for $300 of the $1,000 gift!
Giving An Appreciated Asset
If you have owned an asset like stocks or bonds (or in some cases, real estate) for more than one year, and the asset has increased in value, a charitable gift can minimize taxes and leverage the full value of the asset. By transferring the asset directly to a qualified charity, you may deduct the full fair market value of the asset at the time of the gift. Let?s look at an example. Mrs. Sample purchased a block of stock for $1,000 several years ago. Today the stock is worth $2,500. If Mrs. Sample transfers the stock directly to charity, she will bypass the capital gains tax and receive a $2,500 tax deduction when she files her tax form for this year.
Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization. Since your gift benefits under federal rules may be different from this person, you may want to contact us to discuss how to maximize your gift benefits.
For more information please select one of the following options:
1. If you would like to receive more information on the benefits of a current gift click here.
2. To learn more about giving options including current and planned gifts, you may print the Expressions of Philanthropy brochure. Click Here.
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