Category: Charity
Strategies to help your favorite charity and your bottom line
The end of the year is the time when people are looking to show gratitude by donating to their favorite charities or special causes that are important to them. But like any financial decision, you should take a moment to see if there are any tax benefits or strategies to consider that can maximize your giving efforts. The first strategy to consider is a Donor Advised Fund. These have two main tax advantages. First, you become eligible for an income tax deduction of the full fair market value of the asset, up to 30% of your adjusted gross income (AGI) for gifted securities, and 60% of your AGI for cash. It also eliminates capital gains taxes on long-term appreciated assets if they’ve been held for longer than a year. The second strategy that can help benefit a charity – as well as your own finances – is a Qualified Charitable Distribution or QCD. QCDs can be a great option for those 70 ½ or older and allows you to contribute money directly from your IRA to your preferred charity. You’re allowed to give up to $100,000/year. The advantage is that this reduces your AGI, which affects things like Medicare, Social Security, and various other tax credits and deductions. It may even help you reduce your income taxes. It can also help you offset any additional income you have if you’re over age 72. Another charitable deduction that’s available is the Ohio Scholarship tax credit. It’s a $750/person non-refundable credit you ca
The Pros and Cons of Charitable Gift Annuities
In past articles, we’ve discussed the pros and cons of private foundations and donor advised funds, but there are other options that can help people support their favorite charity while also providing income for themselves as well. One option is a charitable gift annuity, which is essentially a contract between a donor and a charity. As the donor, you’d make a sizable gift to charity using cash, securities or possibly other assets, and in return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life. When you make a donation to a single charity, the gift is set aside in a reserve account and invested. Based on your age when you make the gift, or ages if it’s both you and your spouse, you’d receive a fixed monthly or quarterly payout for the rest of your life. Then, at the end of your life (again, as well as your spouse’s, if you’re giving as a couple), the charity receives the remainder of the gift. There are also many advantages to a Charitable annuity. For example, you receive an income stream for the rest of your life, you receive an immediate partial tax deduction, and there’s also the potential for part of the income stream to be tax free. Another great advantage is you can start the annuity with almost any kind of asset – including securities, property, or cash. You’ll also be able to reduce or even eliminate ca
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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