From The Business Office: Make a gift and lower your taxes!
The standard deduction may have been increased, making it less likely that charitable gifts will be itemized, but there are still many ways to make a tax-advantaged gift to the Parish.
Gifts from IRA accounts For donors 70½ or older, gifts up to $100,000 can be made directly from an IRA account. These gifts not only count toward meeting minimum required distributions, they are not subject to income tax and can lower a donor’s total income.
Gifts of Stock Gifts of appreciated stock are among the best ways to give, since those gifts are not subject to capital gains tax, saving you up to 20% on your gift.
“Bunching” Annual Gifts If you would like to maintain your current annual charitable giving, but are concerned that you might not be able to itemize those gifts, consider “bunching” several years’ worth of annual gifts into a single year. You might be able to itemize in your year of giving and then take a standard deduction in the following years, resulting in tax savings.
Please consult your tax and financial planning professionals to determine the best charitable giving strategy for you and your family. If you have questions, please do not hesitate to call or email.