Make use of the unique 100% AGI limit on deductions for cash gifts in 2021.
* If you have a balance in your Donor Advised Fund, consider prioritizing New McKendree rather than allow the balance to remain dormant. Put your Donor Advised Fund to Kingdom work!
* Appreciated asset gifts such as stock or real estate can be deducted up to 30% of AGI.
* Donate stock: You will not be subject to the capital gains tax and qualify for an income tax deduction. After donating the stock, and if you really like the stock, you can purchase new shares and elevate your cost basis.
* If you have stock options, consider exercising the options and donate the cash to offset the income tax.
* If you are 70½ or older, consider a non-taxable Qualified Charitable IRA Distribution to charity. You can give up to $100,000 from an IRA with significant tax incentives.
In order for your tax benefit to apply this year, your financial gifts should be completed to New McKendree UMC by December 31, 2021.
Thank you for your ongoing, generous participation in our New McKendree ministries.