Dec 19, 2024
Maximizing Your Generosity
Kathy Christopherson
As U2FP’s financial manager, I enjoy doing my best to make sure the donations we receive can stretch as far as possible. I’m always on the lookout for fiscal strategies that can help our organization maximize our mission to cure paralysis.
They say money doesn’t grow on trees, but I guess sometimes trees grow on money ;)
I know many of you are planning your year-end charitable contributions. Obviously, I hope you consider donating to U2FP, but regardless of who you support, I wanted to share some tips that can help you maximize your gifts. So please take a look at the tax saving strategies below as you consider your charitable contributions.
On a personal note, I want to reiterate how proud I am to manage Unite 2 Fight Paralysis’ financial affairs. Rarely have I seen an organization do so much with so little, and continue to push to be more transparent, both fiscally and in the broad range of services that we provide to the SCI community.
Our overhead expenses are lower than anywhere I’ve ever worked (and that’s saying something after 50 years in finance!) and our commitment to the mission of curing paralysis is more central than ever. Thanks for your continued support and engagement with our work!
Charitable Deduction Limits
The limit for cash donations in 2024 is 60% of your Adjusted Gross Income (AGI). Excess donations beyond this amount can be carried forward for five years. Personal 2024 charitable deduction limits for gifts to public charities, including donor advised funds, are 30% of AGI for contributions of non-cash assets, if the assets were held for more than one year.
Make a Gift from your IRA
Making a Qualified Charitable Deduction (QCD) this year allows itemizers and non-itemizers alike to direct up to $105,000 ($210,000 for a married couple) from their IRA to charities in a tax efficient manner. This will satisfy all or part of the Required Minimum Distribution (RMD) for individuals 73 or older and is not considered income to the donor.
Stock Donations
If you donate your stock directly to a charity, there's no capital gains tax to pay. Plus, you are still eligible to deduct the full fair-market value of the asset you donated from your income taxes, up to the overall amount allowed by the IRS.
Donor-Advised Funds
Consider using a donor-advised fund, making tax-deductible contributions before year-end, and deciding on grant recommendations next year.
Estate Planning
You may make a charitable donation to Unite 2 Fight Paralysis in your will, the same as any other bequest. However, charitable deductions are subtracted from the value of your gross estate before the estate tax rate is applied.
You can find more charitable giving strategies here: How To Get The Biggest Tax Savings On Year-End Charitable Donations.
Stay thrifty!
PS - You can make a year-end gift or become a monthly donor by going to www.u2fp.org/2024gift.html. Thank you!
Please note: U2FP is not in the business of providing professional legal or financial advice, and donors should consult with their own advisors to ascertain how these opportunities may complement their own personal, philanthropic and tax planning objectives.
