Give Stock, Save Taxes, Give More
Now that 2018 is quickly coming to a close, many of you may be taking a closer look at your tax situation. If you are currently writing checks to The Kirk and various charities, but also have appreciated stocks or mutual funds in a taxable investment portfolio, you likely have a significant opportunity to pay less tax, allowing you the opportunity to give more. By choosing to give appreciated stock, you eliminate capital gain tax on the donated stock and increase your giving capacity by eliminating current or future tax exposure. Using tax savings to give more increases your charitable deduction.
People over age 701/2, can transfer up to $100,000 from their IRAs to charity tax-free. The gift counts as their required minimum distribution for the year, but it is not included in their adjusted gross income. This can be a great way to avoid having to pay taxes on your RMD if you want to support a charity, and it gives you a tax break.
Contact your investment advisor before year end for further advice.
You can support The Kirk when you shop at Amazon. When you are ready to make a purchase, log on to smile.amazon.com. Sign in and choose "Kirk of the Hills-Tulsa" as the charitable organization if you have not already chosen "Kirk of the Hills'Tulsa" as your charitable organization. This is the same Amazon you know. The same products, same prices, same service. Amazon donates .5% of the price of your purchases to The Kirk. Remember each time you shop, to log in to smile.amazon.com. It's that easy.