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Five ways to maximize your clients' year-end giving

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Before your clients ring in the new year, make sure they have maximized their charitable giving for 2022. Gifts made to a charitable fund by Dec. 31 will earn them a tax deduction for the current year while supporting the causes they love for many years to come.

Here are 5 tips for your clients to consider:

  1. Give Appreciated Stock: You'll receive a deduction for the fair market value and will also eliminate capital gains taxes. For the greatest impact, donate appreciated shares with a low cost basis. We recommend initiating stock transfers by Dec. 12 to ensure year-end processing.

  2. Give Retirement Assets: If you are 70 ½ or older, you can avoid paying taxes on distributions from your IRA by sending them directly to charity. Gifts of IRA assets are especially advantageous for seniors who can no longer itemize their charitable contributions under the current tax law.

  3. Consider a Charitable Gift Annuity: You'll receive a fixed income stream for life in exchange for making a one-time gift to charity. Annuity rates increased in 2022, which means you may be eligible for higher annual payments. (Note: Not all nonprofits offer CGAs, but Akron Community Foundation does.)

  4. Give in Someone's Honor: Donate in your loved one's honor in lieu of a holiday gift. You can show them you care while making a lasting difference in the community. Akron Community Foundation has more than 800 charitable funds that support a wide variety of causes.

  5. Start a Charitable Fund: You'll get an immediate tax deduction and can take your time recommending grants to charities in 2023 and beyond. Akron Community Foundation offers a variety of fund types to meet your charitable needs. Funds can be started online with a credit card until 11:59 p.m. on Dec. 31 to count for the 2022 tax year.

To learn more, contact Laura Lederer, senior director of development and advisor relations, at 330-436-5611 or llederer@akroncf.org.

Additional Resources

This content is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.  

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