Year End Giving Tips
Beth El relies on support from our donors to provide our programs and services to the synagogue community – we appreciate you! If you are interested in making a year-end contribution to Beth El Synagogue or Beth El Foundation, the following are options for your consideration.
Gifts of Cash (or check/credit)
Credit card donations are tax deductible on the date they are charged, so if charged by December 31, 2019, they are tax deductible on your 2019 tax returns, even though the payment is not made until 2020.
The standard deduction for 2019 is $24,000 for a married couple ($12,000 for a single person), so you may want to double up donations for 2019 as a strategy to bunch your charitable giving.
Initiate Gifts of Stock or Other Securities
Take advantage of market growth by considering a donation of appreciated stock held for more than 1 year. You will avoid capital gains taxes on the appreciation of the donated stock and claim an immediate deduction for the current fair market value of the stock (up to 30% of adjusted gross income).
Use Your IRA
If you are 70½ or older, under the IRA Charitable Rollover Law, you are able to give up to $100,000 to Beth El by making a direct transfer of funds. You can make this donation and also satisfy your Required Minimum Distribution (RMD).
Information provided in this message is not intended as legal or tax advice. Please consult your professional advisor for information on how any gift may affect your tax situation.