Seven Wise Ways to Give at Year-End

It’s the combined generosity of friends like you during the holiday season that allows us to meet our budget goals and carry out this important mission. As you consider making year-end gifts to Our Daily Bread Ministries, remember these giving options to maximize your impact and potentially reduce your taxes.

Give cash – Should you choose to give cash, be sure your gift is postmarked on or before December 31. If you itemize tax deductions, you can deduct cash gifts up to 50 percent of your adjusted gross income.

Donate appreciated assets – If you’ve owned stocks, bonds or mutual funds for more than a year, and they’ve increased in value, do NOT sell them to give cash, or you could owe capital gains tax. Instead, gift those appreciated assets directly. You will bypass that tax and receive a deduction for the assets’ fair market value, up to 30 percent of your adjusted gross income.

Make a gift of real estate – By giving real estate to charity, you’ll bypass the capital gains tax and receive a fair market value tax deduction. You don’t even need to sign over an entire piece of property; you may donate a portion and receive proportionate benefits.

Give other non-cash property – Assets such as machinery, vehicles, life insurance, or even commodities such as grain can make year-end gifts, perhaps providing tax advantages, depending on your situation.

Give from your IRA – If you are at least 70½ years young, instead of depositing the required minimum distribution (RMD) from your individual retirement account into your bank account, have it sent to your favorite charity — up to $100,000 per year tax free. This qualified charitable distribution will count toward your RMD and won’t be included in your adjusted gross income.

Check out your employer’s Matching Gift program – Some employers will match your charitable gift, in some cases doubling or even tripling the amount Our Daily Bread Ministries received on your behalf.

Simplify giving, through a Stewards Fund – If you want to bless several charities, especially through non-cash assets, set up a Stewards Fund (donor-advised fund) account with Barnabas Foundation. Make your tax-deductible, year-end gift to them, and they will sell the non-cash assets. You can decide later how to distribute the funds to your chosen charities.

To discuss which giving options might be best for you, contact one of our Planned Giving Representatives at 616-974-1670 or plannedgiving@odb.org.

You can help those who are hurting to keep trusting in God.

Your support will help Our Daily Bread Ministries share God’s love this Christmas.