Every year in November, we fall back to standard time and, suddenly, it’s dark before dinner. Then, before you know it, holiday decorations are going up. The end of 2024 is quickly approaching, and we begin looking forward to 2025.
It’s also the time of year when you think about charitable giving as a part of our busy holiday to-do list. Your year-end charitable contributions can provide tax benefits, so now is a good time to review some of the tax-smart options available to you.
Outright Giving – The simplest way to contribute to the Atlantic Salmon Federation is to write a check or use your credit card. Your contribution is tax deductible if you itemize deductions. If you do not expect to itemize this year, you may be able to strategically “bunch” your contributions – for example, making both this year’s and next year’s contributions in the same year to maximize tax benefits.
Giving Appreciated Securities – You can double your tax benefits by contributing shares of stock or mutual funds that are now worth more than you paid for them. You will receive a charitable deduction for the share price at the time of your gift and avoid the capital gains tax that you would owe if you sold your shares. Most gifts of securities can be electronically transferred, just be sure to direct that the securities themselves be transferred to Atlantic Salmon Federation.
Creating a Charitable Gift Annuity – A charitable gift annuity allows you to make a gift and receive regular payments from the Atlantic Salmon Federation for the rest of your lifetime. The amount we can pay you depends upon your age, and you’ll find the rates are quite generous. You will receive a deduction for a portion of your gift and some of the amount paid to you can be tax-free too.
IRA “Charitable Rollover” – If you are age 70½ or older, an IRA Charitable Rollover, otherwise known as a Qualified Charitable Distribution or QCD, allows you to contribute up to $105,000 from your IRA each year to organizations like the Atlantic Salmon Federation with no tax on the withdrawal. If you are subject to a Required Minimum Distribution (RMD), your QCD contribution can help meet your RMD without increasing your taxable income.
As always, we encourage you to consult your own advisors to help decide what is most appropriate for you. We stand ready to collaborate with you and your advisors as you consider your charitable gift options. Remember that some contributions can take longer to complete, so it’s important to be aware of timing if you are interested in meeting a year-end deadline.
Planned gifts to Atlantic Salmon Federation help support the future of these remarkable fish and their fragile ecosystems. Make a difference today with a year-end gift this year.
