The Advantages of Year-End Giving
During the holiday season, nearly a third of people choose to make gifts to non-profits like the Symphony, so year-end giving is a big deal for us!
Giving at year-end can certainly be rewarding personally, but there are practical financial advantages, too. As you focus on tax planning, donating to a non-profit can reduce your tax liability. Donations can be subject to certain restrictions, so please check with a tax advisor for specifics.
DONOR-ADVISED FUND (DAF)
It is a sort of personalized, charitable savings account, one with significant tax advantages. Even small investors may contribute cash, stocks, real estate or other assets to an account to invest for tax-free growth so they can recommend grants to non-profits like Pacific Symphony.
GIVE DIRECTLY FROM YOUR IRA
A Qualified Charitable Distribution (QCD) can be a great way to give without facing the normal tax consequences. If you need to make required minimum distributions, converting these to QCDs can lower your adjusted gross income.
CHARITABLE GIFT OF APPRECIATED STOCK
If held for more than a year, a charitable gift of appreciated stock can be advantageous for you and the Symphony. Instead of selling the shares and then donating the cash proceeds, donate shares directly to avoid paying capital gains. You benefit and the Symphony gets a larger gift!
MAKE A LEGACY GIFT
You may be able to have a significant impact without parting with cash today. Secure both your legacy and a legacy of musical experiences for generations to come.
CARES ACT
Also, remember that provisions of the CARES Act have been extended through Dec. 31 to help you and non-profits like ours. Even single filers who don’t itemize may take deductions for cash contributions up to $300. Joint filers can deduct up to $600!
The CARES Act encourages big-dollar donations, too, by temporarily lifting the typical limit on deductions for those who itemize. In 2021, it’s possible to deduct cash contributions of up to 100% of Adjusted Gross Income.
If you wish to give away your entire year’s income, it’s possible to do so in 2021! There has never been a better time to give, so don’t worry if you don’t have thousands to give! All gifts are important. If none of the above are good options for you, please go online, send a check, pay by credit card or PayPal or wire us… You can even talk to a person!
We are reliant on your support as audience members and donors. If you are in a position to give, please make your gift before Dec. 31. For more information, please call Michael Lawler, Director of Individual Giving, at 714-876-2313 or email him at mlawler@pacificsymphony.org.
Thank you for being a part of Team Pacific Symphony!