Tax Strategies for Charitable Contributions

What tax strategies can be used for charitable contributions?

 

Many supporters of Marillac St. Vincent Family Services know they can deduct donations to charity from their income taxes but increasing your knowledge of tax planning strategies can maximize your giving impact and potential tax savings. Check out these easy tips:

1. Long-term appreciated assets

If you donate long-term appreciated assets like bonds, stocks or real estate to charity, you generally don’t have to pay capital gains, and you can take an income tax deduction for the full fair-market value. It can be up to 30 percent of your adjusted gross income.

2. Combine multi-year deductions into one year

Many taxpayers won’t qualify for the necessary deductions to surpass the standard deduction threshold established by tax reform in 2017. However, you can still receive a tax benefit by “bunching” multiple years’ worth of charitable giving in one year to surpass the itemization threshold. In off-years, you take the standard deduction.

3. Estate Planning

By naming Marillac St. Vincent Family Services in your will or as a beneficiary of a qualified insurance policy, retirement plan or trust, you reduce or even eliminate the burden of estate tax for your heirs. Don’t forget to consult your tax and estate planning advisors regarding modifications to your estate plans.




For more information on estate planning visit www.msvplannedgiving.org or contact Daniel Summins, MSV Director of Development at dan@marillacstvicnent.org or (312) 278 – 4220.


The Marillac St. Vincent Vincentian Circle brings you these tax strategies

 
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