The calendar has declared that it is officially fall. While we enjoy crisp mornings, colorful leaves, and all things pumpkin-spice, our thoughts also begin to turn to year-end giving.
It is never too early to think about year-end financial matters, including giving. Financial service providers and ministries alike appreciate hearing from clients and donors throughout the year, not just in December. By planning ahead, not only can you avoid the busyness of year-end, you might also find some extra tax savings. Keep reading for year-end giving tips and deadlines.
Appreciated Securities offer the avoidance of capital gains as well as a tax deduction for itemizers. They are almost as easy to give as cash, but need a bit more time to process. We encourage you to initiate your gift of appreciated stocks or mutual funds no later than December 1. This will allow time for the securities to be transferred, sold, and the proceeds distributed to the ministry of your choice by year end. FM Financial would be happy to facilitate your gift of appreciated securities to any Free Methodist church or related ministry.
Qualified Charitable Distributions (QCDs) are quickly becoming a favorite giving method of those who are at least age 70 ½ with an individual retirement account (IRA). QCDs can help satisfy your required minimum distribution (RMD) and will not count as income. To make sure your gift is processed in a timely manner and received by the designated charity/ministry before the end of the year, we strongly encourage you to contact your IRA custodian no later than November 15. Our client service team would be happy to help you with a QCD through your GuideStream* or GoldStar IRA.
Donor Advised Funds (DAFs) are a popular way to organize all of your giving in one place. DAFs are easy to set up and offer immediate tax advantages for contributions while you decide when to make distributions. DAFs are often used to “bunch” giving in order to itemize in a given year. By contributing an amount equal to several years’ worth of giving in a single year, donors can take advantage of itemizing on their taxes for that year while distributing the gifts over time. DAFs accept contributions of cash or appreciated assets.
If you are interested in setting up a donor advised fund, we are able to assist you through our relationship with GuideStream Donor Advised Funds. We encourage you to reach out by December 1 to establish a new fund. This will allow time for the fund to be opened and funded with your initial contribution. Grant recommendations from an existing donor advised fund should be initiated no later than December 11 to ensure plenty of time to reach the gift recipient by the end of the year.
Cash and online giving remain the most popular ways to give and are appropriate at any time. They are also a procrastinator’s best friend. The deadline for online giving is 11:59 PM on December 31 in your time zone. Giving through the mail must be postmarked December 31. Please keep in mind that mail generally does not receive a postmark until it reaches a regional distribution center. However, you may request a manual postmark at the counter of your local post office.
Our team would love to answer any questions you might have about year-end giving or a particular giving method. We are familiar with tax-wise methods and strategies to help you maximize the impact of your gift. Contact us today to begin the conversation.
*guidestreamfinancial.com/important-disclosures/
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