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Year-End Tips for Charitable Giving

Maximize Your Tax Situation with an Immediate Deduction While Benefiting Your Community

• Cash is convenient and provides you an income tax deduction when itemized on your income tax return.
• Use your credit card to make the gift.  Get the deduction now, and pay the bill no earlier than a month from the date of the gift, or at your convenience. If your credit card provides frequent-flyer miles or other credits or points, you get the tax advantages plus added benefits.
• Donate appreciated stock held for more than one year and derive an additional tax benefit: avoidance of capital gain.  Consider choosing appreciated stock with the greatest capital gain to take maximum advantage of this unique tax benefit.
• Sell stock that has lost value and donate the proceeds.  You can deduct the loss in value (cost basis less current value) and derive an income tax charitable deduction for the current market value.
• Share the proceeds.  If you are not prepared to donate all of your shares of stock in a particular company, donate the amount of shares that will offset or reduce the gain when you sell the remainder of shares and keep the proceeds.
• Donate income generated from an IRA account and offset income taxes with a charitable deduction.
• Donate an insurance policy that you no longer find useful, and receive a charitable deduction for the cash value of the policy.
• Match your gift with your employer's contribution.  Many companies have matching-gift programs for charitable donations. Simply enclose the company form along with your donation, and we will take care of the rest.
• Talk to us about Planned Giving.  Call 973.993.1160 or check our planned giving section on our website.