A year-end donation to Easterseals not only makes a positive difference in the lives of the people we serve, it also may come with additional tax benefits for you! As we enter the last few weeks of the year, many of us begin our end-of-year tax planning and look closely at our charitable budget for ways we can give back while maximizing our tax deductions. Here are a few a gifting strategies that can be beneficial for you and for Easterseals Southern California.
Qualified Charitable Distributions
Qualified Charitable Distributions (QCD) are distributions made directly from an IRA to a licensed 501(c)3, like Easterseals. Distributions from an IRA are normally taxed as ordinary income, however since QCDs are distributed directly to the charity, the distribution is excluded from gross income – providing tax savings for you.
For those older than 72 years of age, a Required Minimum Distribution (RMD) needs to be taken before the end of each year. QCDs can satisfy all or a portion of your RMD requirement without adding to your income and therefore avoiding tax on the distribution.
As always, consult your financial advisor or tax professional for the most current and accurate information on gift planning and charitable tax deductions.
The donation of stock as charitable gifts has expanded in recent years. Easterseals Southern California has partnered with DonateStock.com to provide an easy, seamless way to donate stock in 10 minutes or less, allowing for a significant tax savings. Here’s how it works:
- Avoid Capital Gains Tax of 18.8% – 40%
- Deduct the fair market value of the stock (regardless of your cost basis)
- Have greater impact by letting Easterseals keep the proceeds that would have gone to the IRS
- It’s fast, safe and free!
Our DonateStock page enables you to donate stock from your brokerage directly to our account through a secure portal, making the gifting process fast, safe and easy.
By giving stock, your support will have even greater impact—without denting your pocketbook. Give smart and save more by putting stock in something that matters.
To learn more about ways you can support Easterseals disability and community services and maximize your tax break, visit our ‘ways to give’ webpage and learn more about our End of Year Empowerment Campaign.