Year End Giving Tips 2021
Thank you for partnering with Guiding Eyes for the Blind through your generous support. As the end of the year approaches, please consider the following gift options — they may be an excellent (and tax-wise!) way for you to make a life-changing impact in the lives of people with vision loss through exceptional Guiding Eyes guide dogs.
Gifts of Appreciated Securities
It has been an extraordinary year for investment markets. For many of our supporters, it makes tax sense to contribute appreciated securities (stocks, bonds, and mutual funds) to Guiding Eyes. Gifts of securities owned more than a year that have grown in value over the original cost are deductible at full fair market value, just like a gift by check. You also avoid capital gains tax that would otherwise be due upon sale.
Time is of the essence when making a year-end gift of securities. Click here for more in-depth information on gifts of appreciated securities, or contact Rebekah Cross, Donor Relations Officer, at 914-243-2211 or firstname.lastname@example.org.
Qualified Charitable Distributions
For our friends who are 70½ or over, a Qualified Charitable Distribution (QCD) from an Individual Retirement Account (also commonly known as an IRA Charitable Rollover) is a simple and highly tax-efficient way to support our mission whether or not you itemize your deductions. If you are age 72 or older and subject to Required Minimum Distributions (RMDs), a QCD allows you to meet your RMD requirement while reducing the amount included in your gross income.
Your QCD gift must be transferred directly to our organization by your IRA administrator. Please contact your IRA administrator for the appropriate QCD form(s) and procedure.
Please click here for more information on QCDs, including frequently asked questions, or contact Gail Resnikoff, Director of Planned Giving, at 914-234-2237.
CARES Act Tax Incentives for Cash Gifts
Please note that special incentives under the CARES (Coronavirus Aid, Relief, and Economic Security) Act expire December 31, 2021. Here are ways to make the most of your charitable goals before the end of the year:
- If you itemize your deductions, the law allows for cash contributions to qualified charities such as Guiding Eyes to be deducted up to 100% of your adjusted gross income for the 2021 calendar year. This deduction limitation will return to 60% of your AGI in 2022.
- Even if you do not itemize deductions, you can still receive a tax benefit for your cash contribution to Guiding Eyes and/or some other favorite charities. Individual taxpayers who take the standard deduction may claim a charitable deduction of up to $300 ($600 for married individuals filing jointly).
To explore other means to support the Guiding Eyes mission, please visit More Ways to Give.
The foregoing is intended to convey general information only. It does not constitute tax, legal or financial advice and should not be relied upon as such. We strongly suggest that you consult with your professional advisor(s) regarding your charitable gift planning and its implications.