Interested in supporting Rise Above Violence (Rise) and saving on your taxes?

Year-end opportunities For Those Who Are Charitably Inclined and Want to Reduce Their Taxes – A Win/Win Strategy

• Donate $300 for 2020.  The CARES Act created a $300 above the line deduction (above AGI).  This is easy and available to everyone.  If you are or want to become a Snowball Club Member this deduction may be available to you.  Even if you use the standard deduction.
• Qualified Charitable Deduction (QCD) up to $100,000 per year- If someone has a traditional IRA, inherited IRA, inherited Roth IRA, SEP IRA or Simple IRA and they are 70.5 they can typically make a QCD Qualified Charitable Deduction.  That means, no tax deduction but a QCD can be made directly to charity reducing the size of the IRA and no tax liability on the withdrawal of funds, if funds go directly to the charity.  See flow chart HERE
• Donating appreciated assets while minimizing your tax implications.  For example, a couple decides to use a mutual fund or stock they purchased initially for $75,000 that is now valued at $150,000.  If they sold the mutual fund to fund their charitable giving, they would likely pay 15% capital gains tax or $11,250.  By donating this asset to Rise they do not have to recognize the gain and the charity receives all of the proceeds, and the donor can lower taxable income up to 30% (using the total appreciated market value!).  Less money paid in taxes means a potentially greater impact for the charity.
• Manage Your Standard Deduction to Minimize Taxes.  If your annual itemized deductions are close to the standard deduction amount, consider “bunching” your actual deductions, such as charitable contributions, into one tax year.  Strategically, you can use actual deductions and the standard deduction in alternating years.  The standard deduction is now $12,400 if single and $24,800 if MFJ making it more difficult for non-itemizers to get credit for charitable contributions on their taxes.  As an alternative, potential donors could bunch and contribute to a donor advised fund and then direct funds from the donor advised fund to Rise.

Other Scenarios
If People Have Already Set Up Donor Advised Funds - they can make a donation to Rise.
We encourage you to speak with your advisor and tax professional about how we can help you implement a giving strategy.

*This information was complied by Scott Strategic Investment.  Rise does endorse or promote a certain Investment Firm.  Please contact your own investment advisor or tax professional*

Another Helpful Document you may want to view: 
What Should I Consider When Establishing My Charitable Giving Strategy.