Spring Ahead to Savings: 5 Tips for Tax-Wise Giving
As rainy days and warmer temperatures entice verdant green buds to unfurl around us, the looming deadline of April 15 fills the air with a sense of urgency — tax season can be stressful and time consuming. While early birds smugly complete and file taxes well before the deadline, procrastinators need to step on the gas and gather their receipts and earnings info.
This month of rebirth and renewal is also a time to reflect on our financial health and obligations. As we say goodbye to the 2023 tax year, now is the time to start planning on tax-saving strategies for 2024. Here are five tips to reduce your taxes and simultaneously support Road Scholar and your other favorite not-for-profit organizations.
Gifts of Cash
One of the most common ways to make a gift to Road Scholar is to write a check, make a gift using a credit card or donate online. If you itemize your taxes, you can deduct this gift from next year’s taxes as a charitable gift.
Stocks & Bonds
Did you know that naming Road Scholar, or another favorite not-for-profit, as a beneficiary of a checking or savings bank account, a certificate of deposit (CD) or a brokerage account is one of the easiest ways to accomplish your philanthropic goals? To name Road Scholar as your beneficiary, visit your bank and use Tax ID: 04-2632526.
Life Insurance
You can name Road Scholar as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, Road Scholar will receive the proceeds of your policy when you pass away. You can change your beneficiary at any time. This gift is easy to arrange — simply request a beneficiary designation form from your plan administrator.
You can also transfer ownership now and immediately impact our mission. You may designate Road Scholar as the owner and beneficiary of an existing life insurance policy. You will receive an immediate income tax deduction based on the policy value.
If your policy has not yet been paid up, you can contribute cash to Road Scholar to cover future premium payments. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.
Retirement Assets
A gift of your retirement assets, such as an employee retirement plan, IRA or tax-sheltered annuity, is an excellent way to make a gift. A gift of these assets can shield you or your heirs from taxes while supporting Road Scholar. Learn more about a qualified charitable distribution (QCD) today!
Personal Property
Giving appreciated assets that you’ve held for more than one year — real estate, land, etc. — allows you to receive a charitable tax deduction for the total market value of the asset. It greatly reduces the capital gains taxes you would pay on the appreciated amount.
Read more about how your support can impact Road Scholar and the lives of adult students and why these donors have chosen to give in this recent blog.
The content found on this site is general in nature and intended to be used for informational purposes only. It should not be relied upon as legal, tax, accounting or other professional advice. To determine how a gift or estate planning decision might affect your particular circumstances, it is expressly recommended that you consult an attorney, financial advisor or other qualified professional.