In this challenging year, many of you have supported those in need through nonprofits like the Native American Rights Fund (NARF). As always, thank you for everything you do.
As you consider your charitable year-end giving and tax preparation for next year, a gift of cash may not be practical. You may want to consider options that will allow you to receive tax benefits from your charitable giving:
- This year, as part of the CARES Act, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2021 to qualifying organizations. So, this year making a cash donation is the easiest way to achieve tax savings.
- From a tax perspective, giving a gift of appreciated assets (like stocks) makes sense. You can make the capital gains taxes optional and achieve tax savings, while supporting our work.
- If you are 70.5 or older, you can rollover funds from an IRA to a charity, potentially reducing your income and taxes.
- Maybe you would like to help tribes, but are not in a position to make a cash gift right now. You might want to consider a future gift through a bequest made in your will or trust, or naming NARF as a beneficiary in your insurance policy.
To explore the options above, please visit: https://plannedgiving.narf.org. If you would like more information on any of these end-of-year planning strategies, please contact firstname.lastname@example.org to discuss ways to meet your needs and goals.More blog posts