Springtime! New beginnings. Planting and growing. Hope and renewal. A time for planning and then doing.
Springtime is also a great time to begin to plan your charitable giving for the year. Carefully planned charitable contributions can bring tax and financial benefits. So let’s refresh your memory on some of the tax-smart options available to you.
Outright Giving – The simplest way to contribute to St. Mark's is to write a check or use your credit card. Your cash gift is tax deductible if you itemize deductions. If you do not expect to itemize every year, you may be able to strategically “bunch” your contributions – for example, making both this year’s and next year’s contributions this year to maximize your tax benefits.
Giving Appreciated Securities – You may be able to double your tax benefits by contributing stocks or mutual funds that are now worth more than you paid for them years ago. You will receive an income tax charitable deduction for the share price at the time of your gift, and you avoid the capital gains tax that you would have owed if you sold them.
Giving from Your IRA – If you are age 70½ or older, a Qualified Charitable Distribution (QCD) allows you to contribute up to $100,000 from your IRA each year directly to St. Mark's with no tax on the withdrawal. If you are subject to a Required Minimum Distribution (RMD), your QCD contribution can help meet your RMD without increasing your taxable income.
Giving from Your Donor-Advised Fund (DAF) – With a DAF you make a substantial contribution to establish your DAF at a sponsoring organization and then, over time, you can recommend grants from your DAF to St. Mark's. DAF contributions are popular because they can simplify your giving.
As always, your own advisors are in the best position to help you determine what would be most appropriate for you. We are available to work with you and your advisors as you consider gift options.
If you would live to explore the best gift option for you on your own, use our Find Best Gift tool.
For more information, contact Stephanie Katz, Director of Major Gifts, at stephaniekatz@stmarksschool.org of 508-786-6128.