As 2023 draws to a close, if you’re like most people, you are likely considering year-end donations. Below are a number of giving strategies that can help you make the most of your tax savings while supporting the Franciscan Friars and our ministries that care for the poor and marginalized who come to us every day for food, clothing, emergency shelter, and other basic life necessities – that’s over 2 million children, women and men every year.
Give stock. By giving appreciated securities you’ve held for more than one year, you can eliminate capital gains tax and receive a deduction for the value of your donation.
Donate non-cash assets. If you itemize your deductions and donate appreciated assets – such as publicly traded securities or real estate that you’ve held for more than one year – you may be able to deduct the fair market value of the asset and eliminate capital gains tax.
“Bunch” your contributions. It may be wise to make two years or more worth of contributions in 2023 so that you can itemize your deductions – as opposed to splitting your charitable gifts over multiple years and taking the standard deduction.
Make cash gifts. If you itemize your deductions, you can deduct up to 60% of your adjusted gross income for cash contributions to qualified public charities.
Give from your IRA. Many IRA owners age 70.5 or older can direct Qualified Charitable Distributions (QCDs) of up to $100,000 annually to qualified public charities to reduce taxable income. QCDs can satisfy all or part of a required minimum distribution.
Create a Donor Advised Fund and recommend grants to charity. A Donor Advised Fund (DAF) is like a charitable savings account from which you can recommend grants to support your charitable causes. Contributions of cash and non-cash assets are deductible for itemizers and can grow tax-free. DAFs are easy to create and you can recommend grants at any time.
By providing a donation in your year-end giving for 2023 to the Franciscan Friars, you would be helping us care for the poor and forgotten children, women and men who come to our food pantries, soup kitchens, addiction and employment programs, and other outreach ministries across the country. You would also be helping us care for our elderly Friars who have given so much to so many, and helping to educate our young Franciscan Friars, the future of the Church.
To learn more about how you can help the Franciscan Friars help our poor and marginalized sisters and brothers with your year-end, planned and legacy giving, contact Brian Smail, OFM, via email at bsmail@friars.us or by calling 646-473-0265, ext. 303.