Strategic year-end giving: Maximize your impact for the sake of children in need — and minimize taxes, too

The end of the year is almost here! And December 31 is the deadline for charitable giving to apply to this year’s taxes — making now a great time to think about strategic giving and plan accordingly.

Here are a couple of options for year-end giving that will help you make the greatest impact in the lives of children in need — and also may yield tax advantages, too:

  • A rollover gift from your IRA is a great option, especially if you are 70-1/2 or older: you can give up to $100,000 from your IRA to ChildHope without adding a cent to your taxable income. And you don’t have to itemize to get the tax benefits, either. If you’re 72 or older, this also counts toward your required minimum distribution. (Benefits are possible when you make the donation as a qualified charitable distribution [QCD] — with a direct transfer of the amount you choose from your IRA.)
  • Consider a gift of appreciated assets, stocks or property. Real estate or stocks you’ve held for more than a year can be donated, and you receive a tax deduction for the fair market value of the assets. You’ll also most likely avoid capital gains tax, which leaves more to donate than if you sold the assets in order to donate the proceeds.
  • And as always: any cash gift dated and postmarked by December 31 may apply toward this year’s taxes, too.

Thank you for remembering the children of Latin America and the Caribbean with your generosity and prayers today.

If you have questions or need more information about any of these options, please contact Shannon Lyman at [email protected] or 1 (800) 289-7071 today.

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