As we near the end of 2017, many people are deciding to make significant contributions to their favorite charities, and we hope our food pantry is one of them. Before giving cash, did you know that there is an alternate strategy that can help people increase their charitable giving and save even more money on their income taxes?
People with investments in stocks, bonds and other securities they’ve held for at least one year can donate those that have gained in value. This will result in significant income-tax savings to the giver. In fact, donating stock saves even more taxes than donating cash, since there is no capital gains tax when appreciated securities are given to a nonprofit.
Please consider donating equities and other securities to the food pantry. You save on taxes and the pantry receives more financial support to help our neighbors in need. It’s a win-win. But hurry, you only have until December 31 to realize the tax benefits for 2017. Please check in with your accountant, financial advisor or brokerage firm to decide if this strategy works for you!
For more information, review these informative articles:
And, thank you for thinking of the Wakefield Interfaith Food Pantry for your charitable contributions!