Only gifts made by December 31 can help reduce the amount of taxes you will owe next April.
As you consider your charitable gifts between now and the end of the year, remember that gifts made now can generate income tax deductions that could help reduce your tax bill for 2011.
Year-End Giving Tips, 2011
Keep receipts for gifts of $250 or more to file with your tax records.
When you itemize your tax deductions, gifts of cash may be used to eliminate federal income tax on up to half of your adjusted gross income. You may enjoy state income tax savings, as well.
Giving securities that are worth more than they cost can bring additional tax savings. Such gifts are generally deductible for income tax purposes at the full current value if they have been owned for longer than one year. Stock transfers should be forwarded to:
Attn: Deborah Bentley (410) 545-2768
Other Ways to Give
The Charitable IRA Rollover allows individuals age 70½ and older to transfer up to $100,000 directly from an IRA to a qualified charity, like Morgan, and pay no taxes on the funds. Charitable IRA Rollovers are easy to arrange, and your spouse may also contribute up to $100,000 from his or her account. To make a Charitable IRA Rollover gift, please contact Donna Howard in the Office of Development at 443-885-4680.
If your employer has a matching gift program, the value of your gift is doubled. Please check with your employer about matching gifts.
Estate plan instruments, such as your will, living trust, retirement plans and other vehicles, can provide opportunities for charitable giving, as well. Consult with your estate attorney to learn more about using estate plan instruments to make gifts to charitable organizations.
If you haven’t done so, please give to this year’s Annual Fund, and be as generous as you possibly can. A gift made in honor of a loved one, teacher, student or colleague is a wonderful way to recognize a person’s life and accomplishments or to commemorate a special occasion such as a birthday, graduation or anniversary. For more information or to contribute online, visit www.givetomorgan.com.