Save on Taxes Next Year with Charitable Donations

Nov 14, 2014 ​
Before you use up the last of your budget on holiday gifts, spend a few minutes thinking about your charitable giving and how you might improve your tax benefits next April. If you make a charitable contribution, you'll gain personal satisfaction – and your gift may reduce the taxes you may owe.

You have several options. For those with moderate incomes, estimate your taxes with this IRS PDF or with your credit union’s tax calculator. You can play with the numbers a bit to see how $50 or $100 may make a difference.

Or, if you have more income to rely on, you could name a charity as a beneficiary of your individual retirement account (IRA) or employer-sponsored retirement plan. You might consider establishing a charitable trust. Or, just make charitable gifts now, enabling you to possibly receive income tax deductions and help reduce potential taxes by removing donated assets from your taxable estate. Talk with a tax and/or legal professional before making any decisions*.

You can also speak to your tax representative about the current rules on holiday gifts and the applicable exclusion amounts.

Charitable institutions are benefiting as the first wave of the baby boomers reach the stage where they're able to make significant charitable gifts. Writing a check at this time of year is one of the most common ways to give to charity.

Consider coming in for a complimentary consultation with our CFS** Registered Representatives. And have a wonderful holiday!

 

*CUSO Financial Services, L.P. (CFS), does not provide tax or legal advice. For such guidance, please consult your tax and/or legal advisor.

**Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: Are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk, including possible loss of principal. Investment Representatives are registered through CFS. Nusenda Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.


Download a pdf copy of this article.

Big bank services, small town attitude.

Nusenda Credit Union. The Power of WE®.



Learn more