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Tips for Year-End Giving

Targeted News Service

HUNTSVILLE, Ohio, Dec. 11 -- The Community Foundation of Huntsville/Madison County issued the following news:

Giving to the Community Foundation of Huntsville/Madison County or to one of our managed funds before December 31 provides many benefits to you as a donor. Tax incentives often enable you to do more than you realized. The availability of the income tax deduction helps a charitable person be even more generous. As the year draws to a close, here are some things to consider when making your year-end donations.

Cash is convenient and provides an income tax deduction when itemized on your income tax return. The gift must be postmarked by December 31. The date on the check or the date you put the envelope in the mail doesn't matter. The IRS requires the postmark to be before midnight on December 31 for you to take the charitable deduction on your 2013 tax return.

Use your credit card to make your gift. Just visit our website at www.communityfoundationhsv.org to donate through PayPal to the Community Foundation or to one of the funds we manage. If your credit card provides frequent flyer miles or other credits or points, you get the tax advantages plus added benefits.

Donate appreciated stock held for more than one year to avoid taxes on your capital gains. Consider donating appreciated stock with the greatest capital gain to maximize your tax benefit.

Share the proceeds. If you're not prepared to donate all your shares of stock in a particular company, donate the amount of shares that will offset or reduce the gain when you sell the remainder of shares and keep the proceeds.

Donate your IRA account. You can donate up to $100,000 this year ($200,000 for a married couple). The distribution goes directly from your IRA account to the charity you select. You report no income (and consequently receive no charitable deduction). However, the distribution will qualify as your required minimum distribution. You must be over age 70 1/2 to take advantage of this benefit.

Donate an insurance policy that you no longer find useful and receive a charitable deduction for the cash value of the policy.

Match your gift with your employer's contribution. Many companies have matching gift programs for charitable donations.

If you would like more information about your year-end giving, please contact Stuart Obermann, CEO/President of the Community Foundation of Huntsville/Madison County at 256.535.2065 or at stuart@communityfoundationhsv.org.

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