Tuesday, November 19, 2013

Year-End Charity Giving

Following, are some ways to contribute that I adapted from a letter I prepared for a charity I am on the Board of.  Substitute your organization’s name in the text and use it for your mailings.  It also has some good tips for those that make significant contributions.  Consult with a tax advisor before proceeding.
Ways to contribute
Contributions to NAME OF ORGANIZATION are deductible on your tax return if you itemize.  There are several effective tax methods that can allow you to get extra mileage from your contributions while maintaining your cash position.
Stock payments
Almost all contributions made to us are with checks or credit cards.  However, you can donate appreciated stock you owned more than one year.  You’ll get a full deduction for the stock’s value, not have to pay tax on the gain, and will conserve your cash.
Besides stock you purchased outright, you can donate dividend reinvestment shares, stock spin-off shares, stock in demutualized life insurance companies that you received for “free,” or stock you inherited or was given to you as a gift.

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Source: Ed Mendlowitz (partners-network.com

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