Consider charitable giving before end of year to receive potential tax benefits
A quick tip from the MUM PAC (Professional Advisory Committee):
MUM donors may be able to benefit from tax advantages available through charitable giving if done before the end of the calendar year, due to changes that are expected in tax law.
A few helpful facts:
- Under the new rules, most families won’t get as much tax benefit next year, since they will not be able to itemize deductions
- By giving this year, most families will be able to write it off as part of an itemized tax return
- Deductions will probably be worth more this year over next year or into the future
- If you’re considering donating stocks to MUM or another charity, and you’ve bought stock from the same company at different prices, consider donating it this year for important tax savings
- With the recent rise in the stock market, you might want to use appreciated stocks for your donation. That way you’ll get the full deduction on the current value of the equities.
Prior to December 31 may be an ideal time to make a charitable gift to MUM and other organizations. To learn more, and to make a gift, contact the MUM Development Office.
Read this informative article to learn more about these important changes.
* The Professional Advisory Committee (PAC) supports MUM’s Legacy Giving campaign and serves as a resource for potential donors and their advisors. This newly established committee is composed of lawyers, accountants, financial planners, trust officers, life insurance professionals, commercial and residential real estate brokers, and others who specialize in estate planning.