End the Year Well

End the Year Well

Get a head start on your year-end tax planning.

Consider these worthwhile strategies before the year’s end:

  • Selling securities, real estate or a business this year?  Consider planning strategies to avoid capital gains tax.
  • Age 70½ or older?  Check on your IRA required minimum distribution.
  • Own an IRA and/or 401(k)?  Maximize your deductible contributions.
  • Expect to be in a higher tax bracket?  Talk to your tax advisor for solutions to manage taxes.
  • Expect to be in a lower tax bracket or can control income?  Shift income to this year.
  • Have investment losers? Sell to offset winners and lower your capital gains tax.
  • Extra medical expenses?  Establish a health savings account (HSA).
  • Have state taxes, property taxes, medical bills?  Accelerate deductible expenses

IRA Charitable Rollover

Congress made permanent the law that allows people age 70½ or older who own an IRA to make cash gifts directly from their IRA to charity. For many people, this is the best tax‑wise way to give. An IRA rollover gift will not be included in your taxable income and will qualify for your required minimum distribution. Contact us to learn more.

If you wish to make a gift to support our cause this year but are concerned about preserving your cash resources, consider a gift of an appreciated asset. A gift of securities, business interests or real estate can provide you with significant income and capital gains tax savings, often exceeding the benefits of a cash gift.

If you are looking for an end‑of‑year deduction but want more time to make thoughtful giving decisions, consider a donor advised fund (DAF). Our organization can use your tax deductible gift to establish a DAF in your name. You can make grants from your DAF now and in the future to support our work and other causes you care about.

If you are planning to sell an asset like securities, real estate or a business, before you sell, consider a “zero‑tax” charitable gift and sale. By making a gift of part of the asset before the sale, you can use a tax‑saving charitable deduction to significantly lower or eliminate the capital gains tax on the sale.

If you would like further information, please contact Guthrie Resource Development by phone at 570-887-4420 or by email at resource_development @guthrie.org.  Additional information is also available on our website by visiting guthrielegacy.org.  We can help you create a plan that meets your needs and goals.

This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.  The names and images shown here are representative of typical donors and may or may not be actual donors to the organization. Under federal rules your benefits may be different from this example. Please contact us for your specific benefits.

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