Gifts of cash or by check are the most popular ways to give. Through such gifts it is possible to eliminate or reduce income tax on up to one-half of your adjusted gross income (AGI). Gifts in excess of that amount can result in tax savings in as many as five future tax years.
During capital campaigns, many people also choose to review their long-range estate and financial plans. Wills, life insurance policies, retirement accounts, and other planning vehicles can offer special ways to leave a legacy to our First Presbyterian Church Foundation.
There are also ways to provide for meaningful future gifts while generating income, immediate tax savings, and other benefits today. If you are interested in making a planned gift, contact Andy Douglas, Director of Stewardship Ministries, at 864.672.1753 or email@example.com, for more information.
Appreciated stock may offer significant tax savings. You avoid capital gains taxes and receive a tax deduction for the value of the stock on the date of transfer. You must have owned the stock for at least one year to qualify for these tax advantages. If you have stock losses, generally you should not contribute the stock itself, but rather sell the stock to realize the loss for tax purposes. You can then contribute the cash and take a charitable deduction.
If you are over 70½, you may make a direct distribution from your Individual Retirement Account up to $100,000 in a calendar year. This distribution will satisfy your Required Minimum Distribution (RMD), but can be made for more than the RMD. Contributing from your IRA excludes the distribution from your taxable income and is not limited by the AGI limitations for charitable contributions. Check with your tax advisor for more information.