Tax savings and planning is a year-round event but most important at year-end. So act now and save on your Federal and state income taxes.
In addition to normal charitable donations, here are two options that can save you taxes.
Donation of Appreciated Assets
If you donate an appreciated asset to Resurrection Parish, e.g., stocks or similar investments, you’ll be eligible to include the fair-market-value of the donated asset as a qualified charitable donation. Plus, you won’t have to report or pay any capital gains tax on the appreciated value of the asset.
IRA - Qualified Charitable Distribution (SIGNIFICANT TAX BENEFIT! )
Persons (age 70 ½ or older) who take distributions from their Individual Retirement Account (IRA) can save taxes by donating and transferring money directly from their IRA accounts to Resurrection Parish. An eligible person can transfer up to $100,000 a year without paying any taxes on the distribution that is transferred to Resurrection! These qualified charitable distributions can satisfy all or part of your required annual IRA Required Minimum Distribution. A big tax savings…even if you do not itemize!
Visit the AOD Share Your Treasure information page for details.
These donations can be made any time during the year, but waiting too close to year-end may limit your ability to arrange the donation with your financial institution. Act now!
Please contact the Parish Office (734-451-0444) if you plan on using this tax advantage donation. As always, you should consult with your financial advisor and tax professional to determine how the above specifically impacts your personal income taxes.