Joyfully Giving at Christmas
Many of us have heard the phrase, “You can’t outgive God.” What a beautiful reality that is as we head into the Christmas season to celebrate the greatest gift all, God’s Son (Luke 2:11). This naturally causes believers to increase our giving as our hearts are so full of joy at Christmas. As we give, we often do so by making simple cash gifts by check, electronic fund transfer, or credit card. However, there are others ways we can give at year-end that are still fairly simple and may be a better plan of stewardship for the giver. Below are four giving strategies the MB Foundation team can easily help you facilitate as you pray about joyfully giving at Christmas.
1. Giving Appreciated Stock or Mutual Funds
- By donating appreciated securities, you not only receive a deduction for the full fair market value of your gift, but you also avoid paying the tax on any long-term capital gain.
- It’s also possible to donate Cryptocurrency.
2. Giving from a Traditional IRA
- If you’re 70 ½ or older, you can make gifts directly from your IRA and avoid paying income tax on the distribution. This has the same net effect as receiving a charitable deduction for your gift.
- If you don’t have an IRA, but you have others tax-deferred accounts, such as a 401k or 403b, you can roll funds from these accounts into an IRA and then make your gift.
3. Giving Commodities
- Operating farmers can donate commodities such as crops or livestock. By doing so, you avoid reporting the income on the sale of these assets. This has the same net effect as receiving a charitable deduction for your gift.
4. Giving Equipment
- You can donate farm equipment such as tractors or implements. By doing so, you avoid reporting the income on the sale of these assets. This has the same net effect as receiving a charitable deduction for your gift.
Contact us if you would like to discuss year-end giving options or learn more about our Planned Giving Services.