12/12: Year-end charitable giving strategies - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

12/12: Year-end charitable giving strategies


Eau Claire (R.W. Baird & Co.) --  Many of us give to charities, so what ares some year-end charitable giving strategies? 

What are some ways to maximize your gifts?

  • Tax savings = more money available to give.
  • Gifts must be made by December 31.
  • Depending on tax law changes, might be beneficial to make gifts in 2017.

How can you maximize the tax benefit beyond the deduction?

  • Donate an appreciated investment directly to your charity.
  • Can include stocks, mutual funds, land, real estate etc.
  • Donor saves capital gains taxes.

How can you receive a tax benefit now, for gifts distributed in the future?

  • Donor advised fund.
  • Can be set up on your own, or use an institution like Eau Claire Foundation.

Any other ideas for giving?

  • If you are over 70 ½, consider a QCD from your IRA.

How can you enhance your monetary donations?

  • Volunteer at the organization.

As 2017 draws to a close, consider giving back to a cause that matters to you. I would suggest talking to your tax professionals for specific details that apply to your situation.

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