People donate for a variety of reasons. Whatever the reason, the Foundation wants to insure you have the opportunity to both further our cause and to receive favorable tax treatment. After all, you may be able to make a larger contribution once you fully appreciate the tax benefits of your gift.
We are not tax advisors, though. You should speak with a tax professional to learn the ins and outs of the various donor options available to you. Below are a few of those options for you to consider.
Cash. The simplest, most straightforward donation is an unrestricted cash contribution. But even such a simple transaction has its convenient options. For example, you can make a one-time cash donation, or you can set up a monthly donation using an automatic withdrawal from your bank. And please check with your employer. Some of them will offer matching grants alongside your individual donation. A win-win-win situation for all three!
Will Bequests. Also straightforward is naming the Foundation as a beneficiary in your last will and testament. In this way your gift doesn’t interfere with your own needs today, but you still provide for future generations when you pass. And these bequests are usually tax deductible, thereby reducing any estate tax your beneficiaries may owe.
Qualified Charitable Distributions. A common gift option made directly from your IRA. These charitable distributions can both satisfy your required minimum distribution while reducing your taxable income. Yet another win-win situation!
Donor Advised Funds. Working with a qualified financial service, you can create a philanthropic vehicle that provides you with immediate tax benefits, but still allows the flexibility of spreading out your donations over a span of years.
Other Strategies. These are but a few of the many planned giving strategies. As a charitable organization, we do our best to stay up to date with the ever-changing nature of charitable giving and the tax benefits you may reap. However, as a small, community-based organization, many of these more complex strategies are simply beyond our present abilities. Still, we would love the opportunity to discuss with you and your financial advisor any alternative gifting ideas you may have.
For even more ideas on how to make the most of your donation, please Contact Us Today.