Tax Advantageous Ways to Make an Impact

Double Gift Philanthropy

Thanks to dedicated donors like you, the Van Wezel Foundation can offer life-changing experiences that inspire minds through the power of the arts.

As you consider your end of year giving, there are many tax advantageous ways to make an impact.

Give appreciated non-cash assets instead of cash. One of the most powerful tax-smart strategies is donating appreciated non-cash assets held more than one year. Donors who use this strategy can generally eliminate the capital gains tax they would otherwise incur if they sold the assets first and then donated the proceeds, potentially increasing the amount available for charity by up to 20%.

Give more by donating retirement assets.

For IRA Owners Age 70½ or Older:

  • You can transfer any amount up to $100,000 per year directly to the Van Wezel Foundation.
  • You pay no income tax on the distribution.
  • Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution.
  • It’s a wonderful way to create an immediate impact.

 

Give now – the timing is right. There are also significant tax incentives for charitable giving through provisions in the CARES Act that have been extended through the end of 2021.

  • Individuals taking the standard deduction can claim an additional deduction of up to $300 for cash contributions directly to operating charities, while married couples filing jointly can claim up to $600.
  • Donors who itemize deductions may elect a CARES Act 100% of AGI deduction limit for cash contributed directly to operating charities, and deduction amounts above this limit may be carried over for up to five tax years.

 

To make a tax smart gift or to learn more, please contact Suzanne Hudson-Smith at 941-271-4178 or shudsonsmith@vwfoundation.org.

 

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