Certain social posts go viral because they’re so relatable, like this one from a mom in North Carolina:
“My 8-year-old daughter met a girl at summer camp last year named ‘Internet.’ I said no way, that can’t be her name. But my daughter has been adamant. For almost a year, we’ve been having this discussion. ANTOINETTE. I just found out her name is Antoinette.”
While this little misunderstanding led to a hilarious story, the accuracy stakes are often higher — especially regarding your relationships, bank balance, or taxes. And tax laws in the United States are incredibly complicated. In fact, it may surprise you to know:
- The tax code is over 74,000 pages long.
- Over the past ten years, the tax code has been amended more than 4,000 times.
- Even Albert Einstein couldn’t understand taxes. According to his accountant, he once admitted, “The hardest thing in the world to understand is the income tax.”
The trick is learning to navigate your financial world wisely. Understanding current tax law can open a new world of generosity for you and compound gifts for the ministries you care about, like Serge. You just need the right tools.
Here are a few tax-wise giving tools to consider:
- Giving from your IRA. You can donate your required minimum distribution if you’re at least 73 years old.
- Gifts of Stock. When you donate appreciated stock, you can avoid Capital Gains, deduct the fair market value, and have a greater impact.
- Donor Advised Funds. When you contribute to your DAF, you are generally eligible for an immediate tax deduction, and your funds grow tax-free.
Other non-cash assets include real estate, private business equity, artwork, collectibles, and cryptocurrency, to name a few. Giving non-cash assets converts the greatest amount of tax into funding. Tax savings are often doubled compared to giving a similar amount of cash.
What non-cash assets has God entrusted to you? How will you steward those gifts? We’re glad to provide free services to help you in your calling.
Smart giving tools make it easy to reduce your tax burden and support the charities you care about.
Not sure which tools are right for you? Reach out to us at partner@serge.org and we’ll help you identify the giving tools that make the most tax sense for you.
Can I Give to Serge From My IRA?
Retirees don’t need to itemize to qualify for this charitable tax break.
Giving through IRAs is becoming increasingly popular.
At the age of 73, required minimum distributions (RMDs) are withdrawn from your IRA. This distribution is considered taxable income. But you can avoid income tax on your RMD by donating this directly to a qualified 501© charity like Serge.
If you are 73 or older and have an IRA but are making charitable gifts from your checkbook, you’re missing a very important tax break! A gift from your IRA is considered a Qualified Charitable Distribution (QCD), which counts toward your Required Minimum Distribution (RMD) for the tax period. Under the new tax law, many people’s itemized deductions do not exceed the new higher standard deduction. Giving from your IRA may be your only way to give and save on taxes at the same time. Take advantage of the IRA charitable rollover gifting strategy to support the work of charities you care about.
If you are already giving, why not give from your IRA with funds you have to take out anyway?
To get started, fill out this form. We are happy to help with any questions you may have.
Tax situations vary. You should consult your tax or financial advisor about your specific circumstance.
For more tax-saving tips OR information on how to include Serge in your will, trust, or estate plan, reach out to us at partner@serge.org.
