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Combat Crushing Tax Hikes with These Strategies
This year’s giving season comes with a new wrinkle: the potential for tax hikes. But amid the unknowns, many sound and stable giving strategies remain.
For donors who are looking to successfully navigate an evolving tax landscape, we’ve identified three top techniques that continue to deliver:
Contributions of Appreciated Stock: Help yourself—while helping others—by making charitable gifts in the most tax-efficient way possible. Donors will receive a charitable income tax deduction for a gift of stock, subject to AGI limitations, while permanently avoiding embedded capital gains that may otherwise trigger costly future tax liabilities.
Qualified Charitable Distributions: Unlike last year, RMDs must be made in 2021. Individuals over age 70½ can satisfy the RMD requirement by donating up to $100,000 from their IRA (provided the gift goes directly to a charity, not to a DAF or private foundation). Donors taking the standard deduction can use the qualified charitable distribution (QCD) option.
Charitable Bequests: Legislative changes may also impact the estate tax landscape, prompting many donors to revisit their estate plans. This presents an important opportunity to evaluate how your charitable goals, and the organizations you support, may fit into your lasting legacy.
Contact our President today for more information on giving strategies. Lisa@spectrumtechtradeschool.com