People give to charity for a variety of reasons, including:
- Donors are mission-driven.
- Donors trust our organization.
- Donors understand their impact.
- Donors have a personal connection to the organization/cause.
- Donors want to be a part of something meaningful.
- Donors are engaged.
- Donors want to realize the tax benefits.
Whether it’s one of the previously mentioned reasons or something entirely different, reducing taxes can be an appealing give to charity.
Some donors give to the Greatest Needs Fund, their own funds, or other funds held here at the Foundation, and some open new funds. Some donors give cash, while others donate appreciated stocks, bonds or mutual funds directly to the Foundation to avoid paying capital gains taxes. Some donors over the age of 70 ½, donate their Required Minimum Distribution from their IRA.
Whether it’s giving now or planning to leave a future bequest, there are charitable giving strategies that can help you make a positive impact and save on taxes.
“Charitable giving is a great tax planning tool for taxpayers. Even though the standard deduction is set at quite a high amount, with proper planning your charitable donations could lead to great tax savings,” said Abby Selby, CPA, Selby Tax & Accounting PC, and GHACF Investment Committee member.
For tax advice, contact your professional advisor. For information about charitable giving, please get in touch with Chris Riker or Abby Reeg at (616) 842-6378 or visit www.ghacf.org.